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For each of the accounts in the following table (1)identify the type of account as an asset,liability,equity,revenue,or expense,and (2)identify the normal balance of the account.
Inflation Rate
The rate expressed as a percentage at which the average price level of goods and services increases, leading to a decrease in purchasing power.
CPI
A rephrased definition for Consumer Price Index, which tracks changes in the price level of a market basket of consumer goods and services purchased by households.
Dividing
The arithmetic operation of distributing a quantity into equal parts or groups.
Current Year CPI
The Consumer Price Index for the current year, a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.
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