Examlex
Please define the following key terms.
- Benito Juarez
Liability Accounts
Financial accounting records that represent the obligations or debts a company owes to others.
Expense Accounts
Accounts used to track and categorize money spent by a company in conducting its operations.
Unearned Items
Items for which payment has been received, but the service or product has not yet been delivered or completed.
Liability Accounts
Accounts on a company's balance sheet that track what it owes to others, including loans, accounts payable, and mortgages.
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