Examlex
Any substance that enhances the performance of some task is called __________.
Known Current Liabilities
Short-term financial obligations that are recognized and recorded, expected to be settled within one year or within the normal operating cycle.
Liabilities
Financial obligations or debts that a company owes to others, which must be settled over time through the transfer of economic benefits including money, goods, or services.
Contingent Liabilities
Contingent liabilities are potential liabilities that may occur depending on the outcome of a future event.
Account
A record in bookkeeping that tracks financial transactions of a specific type, such as assets, liabilities, expenses, or revenue.
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