Examlex
Which of the following is not primarily a function of the federal government
Net Income
The company's residual earnings post all expenditures and tax deductions from the gross revenue.
External Transaction
A financial or non-financial exchange between the business and an external party, impacting the financial statements.
Accounting Equation
The foundational principle of double-entry bookkeeping that states assets equal liabilities plus equity.
Business Activity
Any action that is engaged in for the primary purpose of making a profit, including operations, marketing, and production.
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