Random Variations Are Movements That Are Not Predictable and Follow

question 100

True/False

Random variations are movements that are not predictable and follow no pattern.

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Definitions:

Net Income

The net gain a company achieves after all operational costs and taxes are removed from its entire revenue.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts' balances to permanent accounts, thereby preparing the books for the next period.

Revenue Account

An account in financial accounting used to record income generated by a company's ordinary activities.

Net Income

Represents the total profit of a company after all expenses, including taxes and operating costs, have been subtracted from total revenue.