OPERATING EXPENSES is all selling and general & administrative expenses. Includes depreciation, but not interest expense.
UN-CREDITED CHECK is a check that has been presented to the bank but still are under process by the bank. The customer account has been debited already.
ORDER OF LIQUIDITY is when items on a balance sheet are listed in order of liquidity. After cash, the other current assets are listed in order of liquidity or nearness to cash (i.e. Accounts Receivable first, then Inventory).
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