Examlex
A ________ igneous rock is one in which larger crystals are enclosed in a groundmass of much finer-grained material.
Inventory Cost Method
An accounting technique used to determine the value of a business's inventory and cost of goods sold, such as FIFO (First In, First Out) or LIFO (Last In, First Out) methods.
Net Income
The total profit of a company after all expenses and taxes have been deducted from revenues, indicating financial performance over a specific period.
LIFO
An acronym for "Last In, First Out," a method used in inventory management and accounting to value inventory and calculate cost of goods sold.
Taxable Income
Taxable income is the amount of an individual's or a company's income used to calculate how much tax they owe to the government in a given tax year.
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