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What system is composed of the spinal cord and brain?
Net Income
The net income of a business once all costs, taxes, and deductions are taken from the overall revenue.
Double Rule
A method used in accounting to underline totals for certain accounts or figures, indicating a sum or conclusion.
Closing Process
The series of steps performed at the end of an accounting period to prepare the books for the next period, including updating accounts and transferring balances.
Income Summary
An account in the ledger that aggregates all income and expense accounts to determine the net profit or loss for a certain period.
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