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A record in the general ledger that is used to collect and store similar information
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That part of the accounting system which contains the balance sheet and income statement accounts used for recording transactions.
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One of the main financial statements. The balance sheet reports the assets, liabilities, and owner's (stockholders') equity at a specific point in time, such as December 31. The balance sheet is also referred to as the Statement of Financial Position.
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Usually financial statements refer to the balance sheet, income statement, statement of cash flows, statement of retained earnings, and statement of stockholders' equity.
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Obligations of a company or organization. Amounts owed to lenders and suppliers.
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