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Which of the following is correct regarding a petty cash fund?
Long-Term Bank Loan
A debt financing obligation issued by a bank or financial institution to a company, with a repayment period exceeding one year.
Operating Activities
Business activities directly related to the production, sale, and delivery of a company's products or services, often reflected in the cash flow statement.
Prepaid Expenses
Costs paid for in advance of receiving the benefit of the service or product, recorded as an asset on the balance sheet until the expense is incurred.
Net Income
The total profit of a company after all expenses and taxes have been deducted from revenues.
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