IDENTIFIABLE ASSETS and LIABILITIES Definition

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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.

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SIMPLE JOURNAL ENTRY is a journal entry that involves only one debit and one credit in the transaction.

BALANCE FORWARD ACCOUNTING is where you maintain a list of charges and payments for each account. To find out the balance at any point in time, you add the charges, add the payments, and then subtract total payments from total charges. A billing statement is sent out every month with any balance carried forward from the previous statement

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