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Accounts
Financial records of transactions that track the income, expenses, assets, liabilities, and equity of an entity.
Double-Entry System
An accounting method that records each transaction in at least two accounts, ensuring the accounting equation (Assets = Liabilities + Equity) remains balanced.
Debit Accounts
Accounts that are increased by debits and decreased by credits, commonly including assets and expenses.
Credit Accounts
Financial accounts that track money owed to creditors; they increase with credit entries and decrease with debit entries, reflecting the entity's borrowing of funds.
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