Examlex
Name the following compound.
Periodic System
A method in accounting where inventory levels are updated in the financial records periodically at the end of a reporting period.
Cost of Goods Sold
The expenses incurred directly from the production of a company's sold products, comprising materials and labor.
Net Income
The income left over after deducting all costs, taxes, and expenses from the total revenue.
Balance Sheet
A financial summary indicating a company's assets, outstanding liabilities, and the total equity of its shareholders at a determined point in time.
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