Business transactions are economic events that should be recorded in the accounting records.
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Q4: A debit has an unfavorable effect on
Q5: The first step in the accounting cycle
Q6: A decrease in a liability is recorded
Q7: The general ledger is the basic storage
Q8: Fair value is the exchange price of
Q10: A decrease in the Owner's Capital account
Q11: One of the general rules of the
Q12: Normally,the value of an asset remains at
Q13: Generally accepted accounting principles state that all
Q14: Withdrawls and revenues are deductions from owner's
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