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A good voucher system includes procedures and approvals designed to control cash payments.
Long-Term Liabilities
Liabilities that usually will not be due for more than one year.
Net Income
The amount of profit left over after all expenses, taxes, and costs have been subtracted from total revenue.
Net Loss
The amount by which total expenses exceed total revenues in a specific period, indicating financial loss.
Balance Sheet
A financial statement that provides a snapshot of a company’s financial position by listing assets, liabilities, and equity at a specific point in time.
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