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Explain the principal/agent problem encountered by corporations.
Accrued Expense
An expense that has been incurred but not yet paid or recorded in the accounting records.
Annual Property Taxes
Taxes levied by local governments on the value of real estate property, paid yearly by the property owners.
Paid
Refers to the status of having settled an obligation or receiving compensation for services or goods.
Accrued Revenue
Represents income that has been earned but not yet received or recorded at the statement date.
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