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TermDefinition
matching principle principle requiring that the expense incurred in an accounting period are matched with revenue earned in the same period
net income the amount by which total revenue exceeds total expenses for the accounting period
net loss amount by which total expenses exceeded total revenue for the accounting period
ruling drawing a line. a single rule line drawn under a column of figures indicates that the entire above the rule are to be added or subtracted
work sheet a working paper used to collect information from the ledger accounts for use in completing end of period activities
Created by: jcoghlan19
Popular Accounting sets

 

 



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