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According to the textbook, which of the following changes in primary socialization has occurred over the last century?
Asset Account
An Asset Account is a financial record that tracks the value of a company’s tangible and intangible properties, like buildings, cash, or intellectual property.
Revenue Account
An account that tracks the income generated by a business from its normal operations.
Expense Account
An account used to track money spent or costs incurred in the operation of a business, helping in understanding and managing expenses.
Interest Payable
A liability account showing the amount of interest expense that has been incurred but not yet paid.
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