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Unearned Revenue
Money received by a company for goods or services yet to be provided, considered a liability until the service or product is delivered.
Liability
Financial obligations or debts that a company owes to others, reflected on the balance sheet.
Drawing Account
An account used to record withdrawals of cash or other assets by the owner for personal use, reducing owner's equity.
Expense
An expense refers to the money spent or cost incurred in an entity's efforts to generate revenue representing the cost of doing business.
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