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In the markets for the factors of production in the circular-flow diagram,
Revenues
Revenue accrued from sales of goods or services that are fundamental to an organization's core operations.
Expenses
The outflow of money or other resources incurred in the process of generating revenue.
Account
A record used to keep track of and summarize financial transactions within a specific category, such as sales, expenses, or assets.
Accounting Record
Documentation and entries that capture financial transactions and positions within an entity.
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