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<p>Importing a new version from external source</p> <p><b>New page</b></p><div>==2. Be able to correctly classify balance sheet items with short term asset, long term asset, contra asset, short term liability, long term liability, and equity.==<br /> A proper discussion of these requirements fills several chapters in an accounting textbook and is there outside the scope of this answer book.<br /> ==3. Be able to write an income statement from a trial balance.==<br /> A [[w:Trial balance|'''trial balance''']] is a list of all the General ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit balance value. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column.</div>

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