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nominal account used in the General Ledger of companies, close corporations and partnerships to distribute the profit on year end.
a deduction from the value of an invoice by a seller to cover damages or shortages
GAAP principle that means that the business takes into account income and costs incurred in the...
(also called informal bookkeeping) a casual operation where few records are kept of income,...
a separate legal entity who owns assets, has liabilities, pays taxes, can enter into contracts...