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Balance Sheet
A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.
Donated Materials
Items or supplies given to an organization for free, often recognized as income at their fair value in the period received and reported in the financial statements.
Deferral Method
An accounting method where certain revenues or expenses are deferred on the balance sheet until they can be realized in the income statement.
Not-for-profit Organization
An organization that operates for purposes other than generating profit, typically focusing on social, educational, or charitable objectives.
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