Define the terms revenue and expense, Accounting Basics

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Define the terms revenue and expense

Consider the following questions:

1. What is the purpose of an income statement? a balance sheet? How do they interrelate?

2. Define the terms "revenue" and "expense".

3. What is net income? What information does it convey?

4. What is the purpose of a statement of changes in equity?

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Accounting Basics: Define the terms revenue and expense

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Accounting Basics: Define the terms revenue and expense

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