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Unveiling the Hidden Accounts: What Doesn’t Show Up on the Balance Sheet
Recognizing accounts that don’t show up on the balance sheet is crucial for accurate accounting in any organization.
These accounts, known as off-balance sheet (OBS) items, are not included in a company’s balance sheet.
Off-balance sheet accounting serves various purposes, primarily to shield a company’s financial statements from the effects of owning assets and the associated liabilities.
Read this also:- Resolving QuickBooks Error 6144-8
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