Examlex
Of the following senses, which is LEAST developed at birth?
Contra Revenue Account
An account used to record deductions from gross revenue, including sales returns, allowances, and discounts.
Revenue Account
An account that records the income generated by a business from its normal operational activities.
Adjusting Entry
A journal entry made in accounting records at the end of an accounting period to allocate income and expenditures to the appropriate period.
Taxes Payable
The amount of tax a company or individual owes to the tax authorities but has not yet paid by the end of the accounting period.
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