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Income Statement
An income statement is a financial statement that shows a company's revenues and expenses over a specific period of time, ultimately revealing the company’s profit or loss.
Balance Sheet
A report detailing a corporation's assets, liabilities, and shareholders' equity at a certain moment.
Bank Reconciliation
The process of comparing and matching figures from the accounting records against those shown on a bank statement to ensure accuracy.
Debit Memo
A document issued by a buyer to a seller indicating a reduction in the amount that the buyer owes to the seller, typically due to returned goods or a clerical error.
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