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Asbestos Is a Material That Was Once Used Extensively in Construction

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Asbestos is a material that was once used extensively in construction. One risk from working in a building that contains asbestos is the development of asbestosis caused by the inhalation of asbestos fibers. Cells will take up asbestos by phagocytosis, but are not able to degrade it. As a result, asbestos fibers accumulate in ________.

Understand the sequence in which financial statements should be prepared.
Identify and classify different types of accounts (assets, liabilities, equity, revenues, and expenses) and understand their roles in financial accounting.
Understand the concept and significance of unearned fees as a current liability.
Recognize what fixed assets will not have related accumulated depreciation.

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