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In psychology,William James was highly influential in developing the school of thought known as
Net Income
The company's net income following the deduction of all costs and taxes from the total income.
Income Summary
An account to which the revenues and expenses are transferred in order to close the books; it reflects the net income or loss at the end of a period.
Owner's Capital Account
An account on a company's balance sheet that represents the owner's investment and retained earnings in the business.
Credit Balance
This represents the amount that a company or individual owes to creditors; in accounting, it indicates a balance on the right side of a ledger.
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