Examlex
Explain what gains and losses are,how they are calculated,and how they are reported on the financial statements.
Note Payable
A liability in written form that promises to pay a specified amount of money at a future date.
Interest Expense
The cost incurred by an entity for borrowed funds; interest payments made on debts.
Account Balance
The amount of money in an account, calculated by adding all debits and subtracting all credits.
Financial Statement
A written record that conveys the business activities and the financial performance of a company; main statements include balance sheet, income statement, and cash flow statement.
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