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Why should debits equal credits in the trial balance

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Questions -

Q1. Why should debits equal credits in the trial balance? Explain briefly.

Q2. Why is accounting considered as the language of business? Explain thoroughly.

Q3. What is the difference between financial performance and financial position? How should a business manager or owner make use of those information? Explain.

Q4. What is the advantage of using accounts, journals and ledgers and trial balances as opposed to just using a multi-column spreadsheet as a means of recording business transactions? Explain.

Reference no: EM132760637

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