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(A)Why Is It Important to Connect with More People in Your

question 20

Essay

(a)Why is it important to connect with more people in your profession or trade? (b)List three ways to get connected.

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Definitions:

Economic Events

Transactions and occurrences that have a direct impact on the financial position of a company, including buying, selling, and financing activities.

Recording

The process of documenting financial transactions in the accounting records of a business.

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities.

Drawings

Withdrawals of cash or other assets from a company by its owner(s) for personal use, reducing the capital account.

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