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Term | Definition |
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matching principle | principle requiring that the expense incurred in an accounting period are matched with revenue earned in the same period |
net income | the amount by which total revenue exceeds total expenses for the accounting period |
net loss | amount by which total expenses exceeded total revenue for the accounting period |
ruling | drawing a line. a single rule line drawn under a column of figures indicates that the entire above the rule are to be added or subtracted |
work sheet | a working paper used to collect information from the ledger accounts for use in completing end of period activities |