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According to the text, there are five essential elements to the definition of punishment. Which of the following is not one of these five elements?
Long-Term Liability
Financial obligations of a business that are due more than one year in the future.
Adjusting Entries
Accounting record entries created at the conclusion of an accounting cycle to assign revenues and expenses to the time they truly took place.
Reversing Entries
At the start of a new accounting period, entries are recorded to negate or undo the adjustments that were made at the conclusion of the prior period.
Salaries Expense
The total amount paid to employees for services rendered during a specific period, recorded as an expense on the income statement.
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