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Whenever a written agreement under the statute of frauds contains a serious, and obvious, typographical error, parol evidence is admissible to demonstrate that the error was indeed an error, as well as to set forth the proper term.
Cash Balance
The amount of cash a company has available, reflecting the total amount of cash and cash equivalents at a given point in time.
General Ledger
A full catalog of all economic activities a company has engaged in from its inception, systematically arranged by accounts.
Cash Account
An account that records all cash transactions, including receipts and payments, reflecting the company's liquidity status.
Permanent Accounts
Balance sheet accounts whose balances are carried over into the next accounting period.
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