Short Answer
Figure 1.2
Using the figure above, identify the labeled part.
-Label AA: ______________________________
Definitions:
Income Statement
A financial statement that shows a company's revenues and expenses over a specific period, revealing profit or loss.
Retained Earnings
Retained earnings are the portion of a company’s profits that is kept or retained rather than being paid out as dividends to shareholders or reinvested into the business.
Closing Entries
Entries recorded at the conclusion of an accounting cycle to shift balances from temporary to permanent accounts.
Charters
Legal documents that establish a corporation or other organization, setting forth the name, purpose, regulations, and structure of the entity.
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