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1) Explain what is Accounts Receivable and what is Accounts Payable? Provide 1 example of each one? 2 Explain how Debit and Credit would Effect

1) Explain what is Accounts Receivable and what is Accounts Payable? Provide 1 example of each one?

2 Explain how Debit and Credit would Effect Assets and Liabilities.

3 When it comes to preparing financial statements explain the order of preparing them and explain why we need to follow this order?

5) Explain what is Matching principal and why it is important?

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