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An accounting term to characterize an economic resource of an entity is: Multiple Choice A contra asset until used. A liabiliCPAs obtain a license from: Multiple Choice The AICPA. The federal government. State governments. The SEC.The purpose of closing entries is to transfer: Multiple Choice Assets and liabilities when operations are discontinued. Inven

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Question No (1) Option (D) is Correct - An Asset An Asset is the economic resource of an entity Question No (2) Option (A) is

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