INCOME SUMMARY ACCOUNT Definition

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INCOME SUMMARY ACCOUNT is the account in the general ledger used to summarize the revenue and expenses for the fiscal period.

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GREENMAIL, in the U.S., payment by a takeover target to a potential bidder, usually to buy back acquired shares at a premium - in return for the predator not pursuing the bid.

DOLLAR VALUE LIFO, in the U.S., is a method of expressing the value of an inventory in monetary values rather than units. Each homogeneous group of inventory items is converted into base-year prices by using the appropriate price indices. The difference between opening and closing inventories is a measure in monetary terms of the change in the financial period.

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