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Simplify by writing the expression without absolute value bars.
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Balance Sheet Accounts
Accounts that reflect the assets, liabilities, and shareholders' equity of a company at a particular point in time.
Real Accounts
Accounts related to assets, liabilities, and equity that are not closed at the end of the accounting period, as opposed to nominal accounts.
Accumulated
The total amount collected or gathered over a period, often referring to earnings, benefits, or other financial measures.
Closing Entries
Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.
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