Questions and Answers
What are earnings from past accounting periods called?
Retained Earnings
What happens to earnings that have not been distributed in a corporation?
They are retained in the company
What is the formula for calculating net profit?
Net Profit = Gross Profit - Expenses
What is the difference between Notes Payable and Accounts Payable?
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What is the purpose of establishing credit?
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What happens when a business pays for supplies in cash?
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