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Financial Statement
An authorized ledger recording the economic occurrences and financial wellbeing of a company, person, or any distinct entity.
Normal Balance
A reiteration with different wording: The typical side (debit or credit) an account is expected to have, based on standard accounting rules.
Account Category
A classification used in accounting to organize financial transactions, such as assets, liabilities, equity, revenue, and expenses.
Net Sales
The total revenue from sales transactions after deducting returns, allowances, and discounts.
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