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Other Expenses
Non-operating expenses that do not relate to the main operating activities of the business; they appear in a separate section on the income statement. One example given in the text is Interest Expense, interest owed on money borrowed by the company.
Income Statement
A financial statement that shows a company's revenues, expenses, and net income over a specific period.
Supplies Used
The cost of consumables used in the operation of a business during an accounting period.
Total Liability
The combined amount of debts and obligations that a company owes to outside parties.
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