Examlex
Discuss the popular myth that someone controls the Internet.
Capital
The wealth in the form of money or other assets owned by a person or organization, or available for a purpose such as starting a company or investing.
Purchases
The total cost of goods acquired by a company for resale or use in production during an accounting period.
Freight-In Account
An accounting term for the cost of transporting goods into a business, which is part of the cost of goods sold.
Income Summary
An account in the ledger that is used during the closing process to collect all the temporary account balances before transferring the net result to the capital account.
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