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Chapter 8 Vocab
Term | Definition |
---|---|
Work Sheet | Is just what its name implies a working paper used to collet information from the ledger accounts in one place. |
Ruling | Drawing a line. |
Matching Principle | Matching expenses incurred in an accounting period with the revenue earned in the same period. |
Net income | The amount of revenue that remains after the expenses for the period. |
Net Loss | When the owners equity decreases. |