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Breakdown of Banking, Assets, Liabilities, Dual Ledger Accounting, Loans, Mortgages
ALL bank accounts have two sides to them. A Public (liabilities) side and a Private (assets) side, as substantiated by GAAP (Generally Accepted Accounting Principles) and GAAS (Generally Accepted Auditing Standards). Imagine a bank like a big bookshelf, with two sides, where the first side holds all the things the bank holds or owns. Assets…