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Most profit-oriented organizations are threatened during economic downturns, but not-for-profit organizations tend to flourish.
Trial Balance
An accounting table that aggregates all ledger balances into debit and credit columns, ensuring both totals are identical.
Income Statement
A financial statement that shows a company's revenues and expenses over a specific period, leading to its net income or loss.
Retained Earnings
The cumulative earnings of a company that have not been distributed to shareholders as dividends, reinvested back into the company.
Unearned Revenue
Money received by a company from a customer for products or services to be delivered or performed in the future.
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