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Balance Sheet
An accounting document showing the worth of a company's assets, debts, and owner's equity on a particular date.
Asset
Resources owned by a business that have economic value and can provide future benefits.
Liability
Financial obligations or debts that a company owes to others, recorded on the balance sheet.
Prepaid Rent
An expense that has been paid in advance, recorded as an asset on the balance sheet, and allocated over the period the payment covers.
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