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Purchases Account
An account used in the accounting for all goods bought for resale or for use in the production process.
Net Income
The total earnings of a company after subtracting all expenses from revenues, including taxes and interest, showcasing the company's financial performance over a specific period.
Operating Expenses
Expenses related to the day-to-day functions of a business outside of cost of goods sold.
Gross Profit
Gross Profit is the financial metric representing the difference between revenue and the cost of goods sold (COGS), before deducting overheads, payroll, taxation, and interest payments.
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