Examlex
Instructions: Explain/Define the following terms.
manor
Revenue Accounts
Accounts that record the income generated by a company from its normal business operations or activities.
Liability Accounts
Accounts on the balance sheet that represent obligations or debts a company owes to others.
Accounting Equation
The foundation of double-entry bookkeeping, representing the relationship: Assets = Liabilities + Equity.
Debit-Credit Analysis
A fundamental accounting technique that balances debits and credits in financial transactions to maintain the equation of assets = liabilities + equity.
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