ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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NET INCOME Definition
NET INCOME is the difference between a businesses total revenue and its total expenses. This caption and amount is usually found at the bottom of a companys Profit and Loss statement. Same as Net Profit.
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CAPITAL REDEMPTION RESERVE, in Great Britain, the S170 Companies Act 1985 provides that where shares of a company are redeemed or purchased wholly out of the company's profits, or by a fresh issue the amount by which the company's issued share capital is diminished on cancellation of the shares shall be transferred to a reserve called the 'capital redemption reserve'. It also provides that the reduction of the company's share capital shall be treated as if the capital redemption reserve were paid up capital of the company.
SPECIFIC IDENTIFICATION METHOD is an inventory costing method under which the actual cost of a particular item is assigned to that item; used for determining cost of goods sold.