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How does the Washington Consensus differ from the Santiago Consensus?
Adjusting Entry
An accounting record made to update the financial statements to reflect income earned or expenses incurred but not yet recorded.
Employee Wages
Payment given to workers for their services, usually determined by the hour, day, or work completed.
Net Income
The amount of money remaining after all operating expenses, taxes, and interest have been subtracted from total revenue.
Adjusting Entries
Journal entries made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.
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