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What is a mail bomb?
Income Summary
A temporary account used in accounting to transfer revenues and expenses, summarizing the net income or loss for a period before transferring the balance to retained earnings.
Owner's Capital
The amount of equity in a company that is directly attributable to the owner(s), representing their stake in the company’s assets after liabilities have been subtracted.
Revenue
Income derived from the core business activities of a company, specifically through selling products or services.
Net Income
The residual financial benefit a company holds after reducing total income by all expenditures and tax payments.
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