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March and Simon developed three important concepts in their administrative model of decision making. Discuss these three concepts.
Ledger Accounts
Records within a ledger that show the transaction history and current balance of each account.
Owner's Drawings Account
An account that tracks the amount of money a business owner withdraws from the company for personal use.
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.
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