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Current Liability
An obligation due to be paid within a year, including accounts payable, short-term loans, and other similar debts.
Notes Payable
Financial obligations represented by promissory notes, where the borrower agrees to pay back a specified sum of money on demand or at a determined future date.
Prepaid Expenses
Expenses paid in advance by a company for goods or services to be received in the future.
Adjusting Process
The procedure used in accounting to record and reconcile expenses and revenues in the appropriate accounting period.
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