Identify and State the Historical Significance of the Following

question 132

Short Answer

Identify and state the historical significance of the following:
-Cornelius Vanderbilt

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Definitions:

Net Income

Profit of a company after all expenses and taxes have been subtracted from total revenue.

Matching Principle

An accounting principle that dictates that expenses should be recognized in the period in which the related revenues are earned, helping to ensure that financial statements are accurate.

Expenses

The outflows or using up of assets as part of operations of a business to generate revenue.

Revenue

The total amount of money generated by the sale of goods or services related to a company's primary operations during a specific period.