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By 2008, the welfare reforms enacted in 1996 had
Note Payable
A financial liability representing a written promise to pay a specified sum of money to another party on a determined future date or on demand.
Accounting Equation
The foundational principle of double-entry bookkeeping, stating that Assets = Liabilities + Equity, reflecting a company's financial position.
Total Liabilities
The sum of all financial obligations or debts that a company owes to external parties.
Total Assets
The sum of all assets owned by a company, including current, fixed, intangible, and other long-term assets, measuring its overall resources.
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