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Instructions: Explain/Define the Following Terms

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Instructions: Explain/Define the following terms.
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Definitions:

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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