Net Income Is the Profit Left Over After Subtracting Expenses

question 118

True/False

Net income is the profit left over after subtracting expenses and losses from revenues and gains.

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Definitions:

Service Department Costs

Expenses incurred by the units that support the production or operations of a company, such as human resources or maintenance.

Personnel Costs

Expenses related to employee compensation, including salaries, benefits, and taxes.

Family Medicine

A medical specialty devoted to comprehensive health care for people of all ages, emphasizing the family unit.

Information Technology

The use of computers, networks, and other electronic devices to store, process, and exchange electronic data and information.