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Instructions: Explain/Define the Following Terms

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Essay

Instructions: Explain/Define the following terms.
three-field system


Definitions:

Retained Earnings

Profits that a company has reinvested into the business rather than distributing to shareholders as dividends.

Financial Treatment

The method or approach used in accounting to manage and report the financial aspects and transactions of a business.

Ownership

The right to possess property, whether tangible or intangible, and exercise control over it.

Valuation Allowance

A reserve created against the deferred tax asset due to uncertainty concerning its realization.

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