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Your friend Joe recently visited the doctor for steroid injections into his knee to reduce swelling due to a previous knee injury. Within a couple of days, he had an infection caused by Pseudomonas, a very pathogenic and drug resistant bacterium. Luckily, Joe went to the doctor immediately and received antibiotics. The doctor tells him that the same problem has occurred to many other people across the United States. Predict the most likely cause of this situation.
Period-To-Period Consistency
An accounting principle ensuring the application of the same accounting methods and principles from one period to the next to ensure financial comparability.
Debits
Accounting entries that increase assets or expenses or decrease liabilities or equity on a company's balance sheet.
Credits
Accounting entries that increase liabilities or equity or decrease assets, representing the opposite effect of debits in the double-entry bookkeeping system.
Contra Account
An account used in the general ledger to reduce the value of a related account when the two are netted together.
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