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Define the following briefly with examples: 1. Accounting cycle 2. Accounting Equation 3. Accounts Payable 4. Accounts Receivable 5. Current Assets 6. Fixed assets 7.

Define the following briefly with examples:
1. Accounting cycle
2. Accounting Equation
3. Accounts Payable
4. Accounts Receivable
5. Current Assets
6. Fixed assets
7. Current Liabilities
8. Long term liabilities

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