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When you reconcile your monthly bank statement,any checks outstanding should be deducted from your book balance.
Net Income
Net income, or net profit, is the total earnings of a company after subtracting all expenses, taxes, and costs from total revenue.
Factory Overhead Account
An account that accumulates all indirect costs associated with the production process, such as utilities and maintenance, not directly tied to specific units of product.
Deferred Debit
An expenditure recorded on a balance sheet that is expected to be recovered over time through future benefits or income.
Interim Balance Sheet
A financial statement showing the financial position of a company at a certain point in time, often prepared for a period shorter than a fiscal year.
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