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McCann Systems,a Leading IT Firm,develops Customized Billing Software to Meet

question 30

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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) ________.


Definitions:

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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