Question: 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.

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 known as "on credit" what are the T-accounts that are involved

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