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Winds blow slightly inward
Debit Memo
A document issued to record a reduction in the balance due from a customer, often due to a return or correction.
Gross Profit
The difference between revenue and the cost of goods sold before expenses.
Single-Step Income Statement
An income statement format that calculates net income using a single subtraction of total expenses from total revenue.
Fiscal Year
A fiscal year is a one-year period that companies and governments use for financial reporting and budgeting, which does not necessarily coincide with the calendar year.
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