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Match the concept, term, or theory with its correct response or definition.
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Pretax Income
Pretax income is a company's earnings before tax, calculated as revenue minus expenses, excluding tax expenses, serving as an indicator of financial performance.
Beginning Inventory
The value of goods available for sale at the start of an accounting period, carried over from the end of the previous period.
Understated
A term describing financial statements or figures that are reported at amounts lower than their actual or true values.
Net Income
A company's overall earnings after deducting all expenses and taxes from the gross revenue.
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