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What is the purpose of the retained earnings account and

Questions -

1. What is the purpose of the Retained Earnings account, and what business events cause it to change during the year?

2. What is depreciation? Why are accountants required to depreciate assets?

About 150 words for each question. Thank you.

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Accounting Basics: What is the purpose of the retained earnings account and

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Accounting Basics: What is the purpose of the retained earnings account and

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