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Chp 8
Term | Definition |
---|---|
Work Sheet | A working paper used to collect information from the ledger accounts in one place |
Ruling | drawing a line, entry's are ready to be totaled |
Matching principle | requires matching expenses incurred in a accounting period with the revenue earned in the same period |
Net Income | is the amount of revenue that remains after expenses for the period have been subtracted. |
Net loss | When total expenses are more than total revenue |