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Assignment 1 1. Define financial accounting and explain the use of the following: a. Journal book b. Ledger c. Trall balance d. Income statement e.

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Assignment 1 1. Define financial accounting and explain the use of the following: a. Journal book b. Ledger c. Trall balance d. Income statement e. Balance sheet 2. What is meant by adjusting entries, and why they should be made? 3. What is the difference between nominal and real accounts

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