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Comparing a reaction with a catalyst to the same reaction without the catalyst,each of the following statements is true EXCEPT:
Adjusted Trial Balance
A financial statement that lists all account balances in the general ledger after adjustments are made, ensuring credits and debits match.
Closing Entries
Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, preparing the books for the next period.
Long-term Note Payable
A liability in the form of a written promise to pay a specified sum of money, with a maturity of more than one year from the date of issuing.
Accrual Accounting
An accounting method where transactions are recorded when they are earned or incurred, rather than when cash is exchanged, providing a more accurate financial picture.
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