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In the 1960s and 1970s,it was hoped that the developmental gap between industrialized nations and developing nations would gradually be closed. Today we see that:
Stockholders' Equity
The residual interest in the assets of a company after deducting liabilities, essentially representing ownership interest.
Expense Accounts
Accounts in the general ledger that are used to record various costs and expenses incurred by a business.
Revenue Accounts
Accounts that track the income a business receives from its various activities, such as sales of products or services.
Loss Accounts
Accounts used to record the loss in value of assets or to represent expenses that reduce net income.
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