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Workers' Compensation
An insurance scheme designed to provide medical assistance and compensate for lost wages to employees injured during their work.
General Journal
A primary accounting record where financial transactions are recorded in chronological order, before being posted to specific accounts in the general ledger.
Normal Balance
The account side (either debit or credit) that documents the account's increases, based on the type of account.
Financial Statement
Official documentation of a business, individual, or entity's financial transactions and status.
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