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What is the partitioned database approach and what are its advantages?
Liability Uncertainty
Liability uncertainty involves not knowing the exact amount or timing of future outflows due to existing obligations.
Sales Taxes Payable
Current liabilities on a company’s balance sheet, representing taxes collected from customers on behalf of governmental authorities which are yet to be remitted.
Credited
An accounting entry that increases a liability or equity account, or decreases an asset or expense account.
Future Payments
Obligations that are due to be paid at a future date.
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