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Accounting Equation
A fundamental principle in finance that states assets equal liabilities plus equity.
Note Settlement
The process of fulfilling the obligations of a promissory note, typically involving the payment of the principal and accrued interest.
Past Due Account
An account receivable that has not been paid by the due date, typically subject to late fees or other penalties until settled.
Accounting Equation
A fundamental principle of accounting representing the relationship between assets, liabilities, and owner's equity: Assets = Liabilities + Owner's Equity.
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