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Financial Statements
Documents that present the financial activities and conditions of a business or entity, including the balance sheet, income statement, and cash flow statement.
Basic Assumptions
Fundamental accounting principles that underpin the preparation and presentation of financial statements.
Principles
Fundamental truths or propositions that serve as the foundation for a system of belief or behavior or for a chain of reasoning.
Adjusted Trial Balance
A trial balance prepared after adjusting entries are made and posted, ensuring that debits and credits still match.
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