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What is journaling? What is the advantage of journaling?
Current Liabilities
Current liabilities are financial obligations a company needs to pay within one year, including accounts payable, short-term loans, and other similar debts.
Owner's Equity
The residual interest in the assets of a business after deducting its liabilities, representing the ownership's claim on the assets.
Current Assets
Assets that are expected to be converted into cash, sold, or consumed within one year or a business cycle, whichever is longer.
Long-Term Liabilities
Obligations or debts a company is responsible for paying beyond one year from the date of the balance sheet.
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