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Accounting Fundamentals UPDATED Exam Questions and CORRECT Answers
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AccountA record summarizing all the information pertaining to a certain item in the accounting equation Account ClassificationGroups of accounts including assets, liabilities, owner equity, expense, and revenue AssetAnything of value to an individual or business (What you own) LiabilityAmount of money owed by an individual or business (What you owe) Drawing AccountA contra account, meaning the balance in the account goes against the balance in the capital account
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