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The U.S.A.Patriot Act requires firms to implement processes to deter money laundering.
Income Statement Debit
A transaction or expense that decreases net income on the income statement.
Net Loss
The amount by which expenses exceed revenues.
Adjustments
These are entries made in accounting to record expenses that have occurred but are not accurately represented in the financial statements at the end of the accounting period.
Journal
A detailed record where all financial transactions of a business are initially recorded before being summarized in the ledger.
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