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Prepaid Utilities
Expenses paid in advance for utilities services, recognized as assets on the balance sheet until they are consumed.
Accounting Cycle
The collective process of recording and processing the accounting events of a company, starting from the transaction occurrence to the preparation of financial statements.
Reporting Period
The specific timeframe for which financial statements are prepared, showing the financial position and performance of a company.
Financial Statements
Documents that provide an overview of a company's financial condition, including balance sheet, income statement, and cash flow statement.
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