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What is Singer's rebuttal of the argument that one should have no obligation to give more than five pounds to the Bengal Relief Fund because if everyone donated five pounds, then the needs of all the refugees would be met?
Real Accounts
Also known as permanent accounts, these include assets, liabilities, and equity accounts which are not closed at the end of the accounting period and their balances are carried forward.
Owner's Capital
The total value of all assets contributed by the owner to a business minus any withdrawals, representing the owner's equity in the company.
Accumulated Depreciation
The total amount of depreciation expense that has been recorded against the cost of a fixed asset, reducing its book value over time.
Permanent Account
An account that carries its ending balance over to the next accounting period, typically representing real accounts like assets, liabilities, and equity.
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