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During Monica's appearance on a popular quiz show,the host asked her to name the capital of Russia,and Monica immediately blanked out.She knew that she knew the answer,but she just couldn't recall it.This illustrates:
Retained Earnings
The portion of a company's profits that is kept or retained and not paid out as dividends to shareholders, often used for reinvestment.
Revenue
Income generated from normal business operations and includes discounts and deductions for returned merchandise.
Accounts Payable
Liabilities of a business that represent amounts owed to creditors for goods and services received but not yet paid for.
Credit Entries
Entries made on the right side of an account in double-entry bookkeeping, indicating an increase in liabilities, revenue, or equity, or a decrease in assets.
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