ACCOUNTING INCOME Definition

ACCOUNTING INCOME is the income derived through historical accrual based accounting. Income = the change in net assets occurring during the period excluding transactions with owners; i.e. transaction based.

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ACCOUNTING EVENT is when the assets and liabilities of a business increase/decrease or when there are changes in owners equity.

FOREIGN is of concern to, or concerning the affairs of, other nations (other than your own) (Example: Foreign trade or companies).

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