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Accrual
Accrual is an accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.
Liability
A liability is a company's financial debt or obligation that arises during the course of business operations, listed on the right-hand side of the balance sheet.
Asset
Resources with economic value owned by an individual, corporation, or country, expected to provide future benefits.
Tax Deductible
Expenses that can be subtracted from gross income to reduce the amount of income subject to income tax.
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