Accounting Vocabulary Chps 1 3

credit – an amount recorded on the rights side of a T account
Accounting entity – A business or other economic unit being accounted for seperately.
Assets, Liabilities Equity and Net Income cannot – all be affected at the same time
*merchandising business* – A type of business that purchases products from other businesses and sells them to customers.
Double taxation – When corporations are taxed on income tax, and when investors are taxed on income in dividends
net income – the amount by which revenues exceed expenses
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