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Net Loss
A financial situation where a company's expenses exceed its revenues during a specific period, leading to a negative net income on the income statement.
Balance Sheet
A financial statement that provides a snapshot of a company’s financial position, listing assets, liabilities, and equity as of a specific date.
Errors
Mistakes or inaccuracies made in the recording, classification, or interpretation of financial data.
Adjusted Trial Balance
A list of all accounts and their balances after adjustments have been made, used to prepare financial statements.
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