Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-cuneiform
Net Income
The net gain a company achieves after all operational costs and taxes are removed from its entire revenue.
Closing Entries
Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts' balances to permanent accounts, thereby preparing the books for the next period.
Revenue Account
An account in financial accounting used to record income generated by a company's ordinary activities.
Net Income
Represents the total profit of a company after all expenses, including taxes and operating costs, have been subtracted from total revenue.
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