Examlex
Validity refers to:
Liabilities
Financial obligations or debts owed by a company to external parties or creditors that must be settled over time through the transfer of economic benefits.
Stockholders' Equity
The ownership interest of stockholders in the assets of a corporation, calculated as total assets minus total liabilities.
Accruals
Accounting adjustments for revenues that have been earned but are not yet recorded in the accounts, and for expenses that have been incurred but are not yet recorded.
Incurred
This term refers to the recognition of costs or expenses in accounting when a company commits to them through its operations, regardless of when payment is made.
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