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Which of the following signifies the onset of adolescence?
Unearned Revenue
Money received by a company for goods or services yet to be delivered or performed, recognized as a liability on the balance sheet.
Prepaid Expenses
Payments made in advance for goods or services to be received in the future, considered an asset on the balance sheet until utilized.
Owner's Equity
The residual interest in the assets of the entity after deducting liabilities, representing the ownership's value in the business.
Major Account Groups
Categories used in financial accounting to organize and summarize the financial activities of a business.
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