Bankruptcy is a legal proceeding involving a person or business that is unable to repay their outstanding debts. It is carried out to allow them freedom from their debts. https://www.investopedia.com/terms/b/bankruptcy.asp More
In financial planning or the budgeting process, a balanced budget means that revenues are equal to or greater than total expenses.
A balance sheet is a financial statement that reports a company’s assets, liabilities and shareholders’ equity at a specific point in time.
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