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Important terms in financial accounting Introduction: Accounting basics will introduce Debtors or Trade Debtors, or Trade Payable, or Book-Debts or Debtors.

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Accounting Basics Important Disclaimer Important Note: The text in this chapter is intended to clarify Every business has a unique method of maintaining its accounting books. However, all accounting systems are similar in the following manner: business organization and is relatively free from legal complexities.

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