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Credit standards refer to the financial importance of a potential customer to the firm in order to qualify for credit.
Financial Statements
Structured reports detailing the financial performance, position, and cash flows of an organization, typically including the balance sheet, income statement, and statement of cash flows.
Accounting Cycle
The series of steps followed by an entity to track and manage its financial transactions, from the initial transaction recording to the final financial statement preparation and closing entries.
Closing
The process of finalizing accounts at the end of an accounting period by summarizing revenues and expenses and indicating net profit or loss.
Balance Columns
Sections in ledger accounts used to record debits on the left and credits on the right, facilitating the determination of account balances.
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