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While trying to explain to his son the rules of football,Jason says,"You see,if our team gets the ball in the endzone,it is a touchdown!" Jason's son looks at him quizzically,and says,"What is that,Daddy?" Because his son does not know the meaning of the word "touchdown," Jason has made a goof in the area of:
Expense Account
An income statement account that represents the cost of goods sold, operating expenses, and non-operating expenses.
Income Statement
A financial report that shows the revenues, expenses, and profit or loss of a company over a specific accounting period.
Debit Total
The sum of all debit entries made in an account or in the general ledger.
Credit Total
The sum of all credits entered into an accounting system during a specific period.
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