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accounting
uses the bookkeeping records to prepare financial statements at regular intervals.
bookkeeping
is the process of detailed recording of all business transactions.
non current asset
assets which are not bought for resale but can be used in business for a long period of time.
current asset
assets which can be converted into cash within one year. for example: cash at bank
liability
debt that a business owes to eternal parties.
current liability
debt owed for less than one year. for example: trade payable
non current liability
debt owed for more than one year. for example: loan from bank
Note 
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