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Figure 29-2
Use the figure to answer the corresponding question(s) .
-Refer to Figure 29-2.The structure labeled 11 is:
Expenses
Costs incurred by a business in the process of earning revenue, such as salaries, rent, and utilities.
Financial Position
A snapshot of what a company owns (assets) and owes (liabilities), showing its net worth at a specific point in time.
Specific Date
A particular day identified by its unique combination of day, month, and year.
Balance Sheet
A balance sheet is a financial statement that provides a snapshot of a company's financial condition at a specific moment, showing assets, liabilities, and equity.
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