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Explain the order of priority for asset distributions in a

1. Explain the order of priority for asset distributions in a business liquidation.

2. Name the element used to describe the ownership interest in a business.

3. Name the element used to describe creditors' claims on the assets of a business.

4. What is the accounting equation? Describe each of its three components.

5. Who ultimately bears the risk and collects the rewards associated with operating a business?

6. What does double-entry bookkeeping mean?

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Accounting Basics: Explain the order of priority for asset distributions in a

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