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

Exercise 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. Define accounting. What purpose is served by accounting? 6. What are the various interested parties which use accounting information? How is such information used? 7. What is Journal

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