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The difference between total revenue and total cost is:
Business Ownership
Refers to the control over a business enterprise, determining the management and profit allocation.
Sole Proprietorship
A business structure where a single individual owns, manages, and is personally responsible for all aspects of the business.
Corporation
A legal entity that is separate from its owners, offering limited liability protection to its shareholders, and having the ability to raise funds by selling stock.
Balance Sheet Accounts
Accounts found on the balance sheet that include assets, liabilities, and equity, detailing the financial position of a company at a specific point in time.
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