Examlex
What is the meaning of the terms "debit" and "credit" and what is the effect on specific account types?
Net Income
Net Income is the total profit of a company after all expenses, taxes, and costs have been subtracted from total revenue, indicating the company's actual profitability.
Net Sales
The total revenue from sales minus returns, allowances, and discounts.
Owners' Equity
The amount of the business that belongs to the owners after all debts and liabilities have been subtracted from total assets.
Investment
An investment is the allocation of resources, such as time, money, or effort, in expectation of generating an income or profit.
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