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The special account used only in the closing process to temporarily hold the amounts of revenues and expenses before the net difference is added to (or subtracted from) the retained earnings account?
Income summary account
Are revenues the same as net income?
Revenues are earnings from sales of products and net income is the difference between revenues and expenses.
When total revenues exceed total expenses what is the difference called?
Net income
What is the difference between revenues and the expenses needed to operate the business?
profit or loss
Prepaid expenses depreciation accrued expenses unearned revenues and accrued revenues are all examples of?
Prepaid expenses, depreciation, accrued expenses, unearned revenues, and accrued revenues are all examples of
Matching revenues and expenses refers to?
Matching revenues and expenses is called "Matching concept" of Accounting.
What is the us deficit?
The difference, on a yearly basis, between the budget (expenses) for the federal government of the United States and revenues (income). When the expenses are more than the income, the difference is called the deficit. When the income is more than the expenses, the difference is called a surplus.
What is us deficite?
The difference, on a yearly basis, between the budget (expenses) for the federal government of the United States and revenues (income). When the expenses are more than the income, the difference is called the deficit. When the income is more than the expenses, the difference is called a surplus.
Is revenue part of an income statement?
Yes revenues and expenses are part of income statement and difference between revenue and expenses is called net income or loss.
What accurately explains how profit is calculated?
Costs are subtracted from revenues.
What is on an income statement?
revenues and expenses
What effect do revenues and expenses have on retained earnings?
Revenues Increase and Expense Decreases.
