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Coal Forms from

question 9

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Coal forms from

Understand the importance and impact of interest rates on credit.
Learn about the impact of credit on the economy.
Recognize the specific vulnerabilities different groups of people have towards credit misuse.
Understand the legal framework surrounding consumer credit and rights.

Definitions:

Double-Entry Accounting

An accounting method requiring every financial transaction to be recorded in two accounts, one debit and one credit, to keep the accounting equation balanced.

Debits

Accounting entries that increase assets or expenses or decrease liabilities, equity, or revenue, recorded on the left side of an account.

Credits

Entries on the right-hand side of an accounting ledger, indicating increases in liability, equity accounts, and revenue, or a decrease in assets.

Debit Side

The left side of a ledger account that is used to record increases in assets, expenses, and decreases in liabilities, equity, and income.

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