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Trial Balance
A financial worksheet that consolidates all ledger balances into debit and credit columns, verifying the mathematical accuracy of a company's accounting system.
Income Statement
A financial report that shows a company's revenues, expenses, and net income over a specific period.
Accounts Payable
Liabilities of a business that are owed to creditors for goods and services purchased on credit.
Liability
A financial obligation or amount owed by a business to another entity, which is expected to be settled in the future.
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