ACCOUNT DISTRIBUTION Definition

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ACCOUNT DISTRIBUTION is the process by which debits and credits are identified to the correct accounts.

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IDENTIFIABLE ASSETS and LIABILITIES are those assets and liabilities of a business that can be disposed of without disposing of the entire business. It includes both tangible and intangible assets.

STATUTORY ACCOUNT is an involuntary account, which is created by law rather than by business need. An example of a statutory account would be taxes.

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