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jek_recluse [69]
1 year ago
11

Briefly define net income and net loss.

Business
1 answer:
lesya [120]1 year ago
5 0

Net income refers to the excess of revenue over expenditure of a firm, whereas net loss refers to the excess of expenditure of a firm over its revenue.

Net income refers to the net earnings of a firm. It is calculated by deducting total expenditure from total revenue. Total expenditure may encompass several heads, including business expenses, interest payments,fees, depreciation, taxes, etc. Net income helps to calculate the earnings of shareholders per share.

Net loss refers to the amount by which total expenditure exceeds the total revenue generated by the business operations of a firm. Revenues may be generated from products or goods sold, from transactions, from investments, etc. Net loss is reported as negative net profit on the income statement of firms.

To learn more about net income and net loss : brainly.com/question/17421000

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A change in depreciation method is treated as a change in estimate that is achieved by a change in accounting principle, and is accounted for prospectively in the current and future periods.

The rules and regulations that businesses and other organizations must abide by when reporting financial data are known as accounting principles. These regulations standardize the terminology and procedures that accountants must employ, making it simpler to analyze financial data.

A unified set of accounting guidelines, methods, and standards known as generally accepted accounting principles (GAAP) were released by the Financial Accounting Standards Board (FASB).

The consistency that accounting principles establish enables more accurate and effective viewing of financial statements and reporting for businesses.

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3 0
2 years ago
A national sales organization has implemented a set of training courses on its intranet, with a link that allows employees to fi
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Answer:

b) knowledge management

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It is an approach multidisciplinary in nature to achieve the objectives of an organisational with the use of knowledge available.

It includes the courses which are taught in business administration, management, information system, library and information system.

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