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Debits
Accounting entries that represent an increase in assets or expenses or a decrease in liabilities, equity, or revenue.
Credits
Recognition or acknowledgment for something received or accomplished, often used in finance to denote money received or a decrease in liabilities.
Liabilities
Liabilities are financial obligations or debts that a company owes to others, which need to be settled over time through the transfer of economic benefits including money, goods, or services.
Common-Size Financial Statement
A financial statement that includes a percentage breakdown of each item.
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