Examlex
The term health is often interchangeable with the term
Expense
An outflow of resources or incurrence of liabilities that result from a company's operations, aimed at generating revenue.
Prior Period Adjustment
A correction of errors in financial statements that were made in previous periods, affecting retained earnings on the balance sheet.
Financial Statements
Official records that detail the financial activities and condition of a business, including income statement, balance sheet, and cash flow statement.
Retained Earnings
The portion of a business’s profits not distributed to shareholders, instead reinvested in the business or kept for reserve.
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