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Elements of the accounting environment

Question 1: What are the elements of the accounting environment? How do they affect the financial statements? Why are these elements important? How do they affect comparability between companies?

Question 2: What is the accounting equation? What does it tell you? Why does it have to balance? What happens if the equation does not balance?

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Accounting Basics: Elements of the accounting environment

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Accounting Basics: Elements of the accounting environment

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