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Which of the following statements is false?
Expense Account
An account used in accounting to track expenditures related to the operation of a business, including costs for goods, services, and operational activities.
Adjusting Journal Entries
Entries in accounting made during the close of a financial period, aiming to accurately allocate profits and expenditures to their respective periods of occurrence.
Net Income
A company's overall earnings following the deduction of all expenses and taxes from its total revenue.
Adjusting Entry
An adjusting entry is a journal entry made in the accounting records at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.
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