Directions: Apply the Guidelines Relating to the Use of Leading

question 14

Short Answer

Directions: Apply the guidelines relating to the use of leading and trailing zeros and express the following metric notations correctly.
8.0 L

---

Definitions:

Net Income

Net income is the total revenue minus total expenses of a business, showing the company's profit during a specific period.

Correcting Entries

Journal entries made to amend previously recorded transactions that were incorrect or incomplete.

Operating Cycle

The duration of time it takes for a company to purchase inventory, sell it to customers, and collect the cash from these sales.

Fiscal Year

A twelve-month period used for accounting purposes and preparing financial statements, which may or may not align with the calendar year.