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Considering the context in which it was most likely uttered, would you say the following claim is ambiguous, too vague, or neither?
"Now, how would you like your hair cut, Madam?"
"Oh, just make it a little shorter."
Income Summary
An account used in the closing process that summarizes the results of operations—revenues and expenses—over a specific period before transferring the net amount to retain earnings.
Accounting Cycle
A complete cycle that describes the steps in recording and processing financial transactions of a company from when the transaction occurs to its representation on the financial statements, and until the accounts are closed.
Pro Forma Statements
Pro forma statements are financial reports that project the future financial performance of a company based on current and past data, assuming certain conditions or events.
Unearned Revenue
Money received by a company for services or products yet to be delivered or provided, considered a liability until the service or product is delivered.
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