Examlex
Net income is the profit earned (or the loss suffered) by a firm during an accounting period after the cost of goods sold and all expenses have been deducted from revenues.
Condensed Income Statement
A simplified financial statement that highlights a company's revenues, expenses, and profits over a specific period, omitting detailed line items.
Discontinuance
This term refers to the cessation of operations or activities in a specific business segment or location.
Sunk Cost
A cost that has already been incurred and cannot be recovered.
Accumulated Depreciation
The total amount of depreciation expense that has been recorded against a fixed asset up to a specific point in its life.
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