Identify and Give the Historical Significance of Each of the Following

question 108

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Identify and give the historical significance of each of the following terms, events, and people in a paragraph or two.
-republicanism and liberalism

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Definitions:

Debits

Accounting entries that increase assets or expenses or decrease liabilities or equity on a company's balance sheet.

Credits

Accounting entries that increase liabilities or equity or decrease assets, representing the opposite effect of debits in the double-entry bookkeeping system.

Contra Account

An account used in the general ledger to reduce the value of a related account when the two are netted together.

IFRS

The International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the preparation of financial statements globally.