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Balance Sheet
A detailed statement that captures a business's assets, liabilities, and shareholder equity as of a specific date.
Time Period Assumption
The long life of a company can be reported in shorter time periods, such as months, quarters, and years.
Business Entity
A corporation, partnership, association, or any other legal entity engaged in economic activities, such as selling goods or services.
Quarters
A three-month period on a financial calendar that acts as a basis for reporting earnings and paying dividends.
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