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McCann Systems,a leading IT firm,develops customized billing software to meet the needs of its individual customers: In this case,the software developed by the firm is referred to as a(n) ________.
Credits
Entries in accounting that increase liabilities, revenue, or equity accounts, or decrease asset or expense accounts.
Withdrawals
Money or assets taken out of a business by its owner(s) for personal use.
Owner's Equity
The ownership stake of shareholders or owners in a company's assets once all debts have been subtracted.
Income Statement
A financial statement that shows a company's revenues and expenses over a specific period of time, resulting in a net profit or loss.
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