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4. Why are revenue and expense accounts called temporary or nominal accounts? 1. Give an example of a transaction that results in: (a) A decrease
4. Why are revenue and expense accounts called temporary or nominal accounts? 1. Give an example of a transaction that results in: (a) A decrease in an asset and a decrease in a liability. (b) A decrease in one asset and an increase in another asset. (c) A decrease in one liability and an increase in another liability
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