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What happens when the small battery on the motherboard dies?
Periodicity Assumption
An accounting principle that divides the ongoing activities of a business into set periods of time, such as months or years, to produce financial statements for those periods.
Adjusting Entries
Journal entries made in accounting records at the end of an accounting period to allocate income and expenditure to the period they actually belong.
Service-Type Business
A service-type business is an entity that provides intangible products or services to customers, rather than physical goods.
Accrual-Basis Accounting
Accounting basis in which companies record transactions that change a company's financial statements in the periods in which the events occur.
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