Question: 1. Why does every accounting transaction have two effects? 2. What is the relation between a T-account and a journal entry? 3. What distinguishes noncurrent

1. Why does every accounting transaction have two effects?

2. What is the relation between a T-account and a journal entry?

3. What distinguishes noncurrent assets from current assets?

4. What is the purpose of using contra accounts?

5. What is the alternative to using contra accounts?

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