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TEST 1 1. What is an asset? 2 What is a liability? 3. What are the different types of equity accounts? 4. What is retained

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TEST 1 1. What is an asset? 2 What is a liability? 3. What are the different types of equity accounts? 4. What is retained earnings ? 5. How are retained earnings and revenues related? 6. Determine the characteristics of financial accounting & reporting information 7. Determine the Principles of financial accounting & reporting

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