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Liability
A financial obligation or debt owed by an individual or company.
Accrual
The accounting method that records revenues and expenses when they are incurred, regardless of when cash transactions occur.
Onerous Contracts
Contracts in which the unavoidable costs of meeting the obligations exceed the economic benefits expected to be received under it.
Accruals
Accounting method that records revenues and expenses when they are earned or incurred, regardless of when cash transactions occur, reflecting the economic activity more accurately.
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