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Immanuel Wallerstein and others consider the modern world system to be a capitalist global economy.
Liability and Asset Accounts
Accounts on a balance sheet that represent obligations to pay others (liabilities) and resources owned by a company (assets).
Financial Statements
Official accounts detailing the economic operations and condition of an enterprise, person, or any other unit.
Unearned Legal Fees
Money received by an entity for legal services yet to be performed, recognized as a liability until the services are rendered.
Adjusting Entry
A journal entry made at the end of an accounting period to update the ledger accounts for accruals, deferrals, and other adjustments necessary to ensure accurate financial reports.
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