If You Are Using an Apple Computer You May Encounter

question 130

True/False

If you are using an Apple computer you may encounter instances in which you need to run apps in the Windows operating system.

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Definitions:

Expenses Accounts

Accounts that track money spent or costs incurred in a company’s operations to generate revenue.

Rent Expense

The cost incurred for utilizing a property or equipment for business purposes, recognized as an expense in the accounting period it is incurred.

Net Income

The company's net income following the deduction of all costs and taxes from the total income.

Income Summary

An account to which the revenues and expenses are transferred in order to close the books; it reflects the net income or loss at the end of a period.