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10 cards from this deck
To make a profit
Checkpoint ensuring debits=credits before final statements
Whether business made profit or loss during period
Financial position at period end (what business owns/owes)
(Sales - Debtors allowances) - Cost of sales
Gross profit + Income - Expenses
Amount business owes to its owner
Corrections to accounts at period end per GAAP
Expenses matched to period they helped generate income
Assets = Owner's Equity + Liabilities
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