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One of the most important concerns of paralegals is
Balance Sheet Account
An account that appears on the balance sheet, representing a business's financial position at a specific moment, including assets, liabilities, and equity accounts.
Income Statement Account
An account found on the income statement, which includes revenues, expenses, gains, and losses, affecting the net income of a business.
Adjusting Entries
Journal entries made at the end of an accounting period to update the accounting records for expenses and revenues not fully recorded during the period.
Prepaid Expenses
Expenses paid in advance for goods or services to be received in the future, recognized as assets on the balance sheet until they are incurred.
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