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Only value-adding activities are included in the cost hierarchy.
Net Income
The total earnings of a company after subtracting all expenses, including taxes and interest, from its total revenues.
Revenue Recognized
The point at which revenue is considered earned and can be recorded in the financial statements, according to specific criteria.
Expenses Incurred
The costs that have been consumed or used up in the operation of a business, contributing to the generation of revenue.
Adjusting Entries
The process of making entries in the ledger at the end of the accounting period to allocate profits and expenses to their actual period.
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