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Financial Statements
Reports that summarize the financial performance, position, and cash flows of a business over a specific period of time, including the balance sheet, income statement, and statement of cash flows.
Ledger
A book or collection of financial accounts in which transactions are recorded and summarized.
Net Loss
Occurs when a company's total expenses exceed its total revenues, indicating a negative profit for a specific time period.
Prepaid Insurance
An asset account that represents benefit expenses that have been paid in advance and are gradually recognized as expenses over the policy period.
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