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Figure 5.8
-In Figure 5.8, the structure labeled ʺ1ʺ is
Financial Statements
Reports that provide an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements.
Income Summary
An account used in the closing process that summarizes the revenues and expenses for a period, helping to determine the net income or loss.
Revenue Account
An account that tracks the income earned by a business from its normal operations, such as sales of goods or services.
Capital
Financial resources or assets owned by a business, used to fund operations and investments.
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