ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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AM can be: Asset Management, Account Manager, After Market, Audit Manager, or Accounting Management.
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PROFIT & LOSS ACCOUNT shows the net profit which is left after all relevant business expenses have been deducted.
CONVENTION is an agreement, principle or statement expressed or implied that is used to solve given types of problems. Conventions allow a standardized approach to problem solving and behavior in certain situations. For example, placing debits on the right and credits on the left of an account is termed an accounting convention.