Accounting & Finance Notes

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EXPENSES

- The Costs

- Always decrease the Owner's Equity & Assets

- Can be paid for with Cash

- Or Charged (increases Liabilities)

REVENUES

- Income

- Increase in Owner's Equity & Assets

NET INCOME VS NET LOSS

- Net Income: the company is bringing in more money than it is spending

-Net Loss: the company is bringing in less money than it is spending

-Break Even: Revenues= Expenses

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