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In the Northern Hemispheres,winds spiraling counterclockwise into a low pressure area are
Transactions
Economic events that require recording in the financial statements because they affect assets, liabilities, or equity.
Normal Balance
The side (debit or credit) of an account that is increased, reflecting the account's natural balance.
Asset Account
An account that records the value of assets owned by a company, such as cash, inventory, and equipment.
Financial Statement
A record that details the financial activities and conditions of a business or individual, commonly including the balance sheet, income statement, and cash flow statement.
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