TOTAL CURRENT LIABILITIES Definition

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TOTAL CURRENT LIABILITIES is the total of notes payable-short term, current maturities-LTD, trade payables, income taxes payable, and all other current liabilities.

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ASSURANCE ENGAGEMENT is an engagement in which an accountant issues a report
designed to enhance the degree of confidence of third parties and management about the outcome of an evaluation or measurement of financial statements (subject matter) against an applicable financial reporting framework (criteria).

NET INCOME is the difference between a businesses total revenue and its total expenses. This caption and amount is usually found at the bottom of a companys Profit and Loss statement. Same as Net Profit.

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