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The main difference between the two internationally recognized projection systems is:
The position in which the views appear on the drawing:
Post-closing Trial Balance
A statement created after closing entries are made, listing all active accounts and their balances to ensure debits equal credits.
Asset Accounts
Accounts that represent tangible and intangible items of value owned by a business, which can include cash, receivables, inventory, equipment, and intellectual property.
Liability Accounts
Accounts on a balance sheet that represent obligations or debts of a company that are expected to be paid in the future.
Accumulated Depreciation
The total amount of depreciation expense that has been recorded against a fixed asset since it was put into use, reflecting its decline in value over time.
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