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1)What is GAAP? 2) Explain the difference between current vs long-term asset/liability. 3) What is a T-account? give some examples of T-account. 4) What is

1)What is GAAP? 2) Explain the difference between current vs long-term asset/liability. 3) What is a T-account? give some examples of T-account. 4) What is the normal balance for an asset account? 5) When you purchase something on credit what are the T-accounts that are involved?

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