Term
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Definition
| The amount of revenue that remains after expenses for the period are subtracted |
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Term
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Definition
| a working paper used to collect information from the ledger accounts in one place. May be prepared in pencil. |
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Term
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Definition
| Matching expenses of a period with revenue of the same period provides a reliable measure of profit, because it shows the cost (expense) of producing the revenue. |
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Term
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Definition
| A net loss decreases owner's equity. This decrease is shown as a debit to the capital account. |
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