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A __________ is not known as a partner by the general public and does not play an active role in the operation of the business.
Balances
The figures that represent the difference between the sum of debits and credits in an account.
Expense Recognition
The accounting principle that expenses are recorded and reported in the same period as the revenues they help to generate, ensuring accurate financial statements.
Revenue Recognition
The accounting principle that revenue should be recognized in the accounting period in which it is earned and realizable, regardless of when cash is received.
Business Transactions
Economic events or conditions that affect the financial position of a company, which are recorded as entries in accounting records.