INCOME THEORIES Definition

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INCOME THEORIES try to identify the real profit of an organization. The difficulty here is that you need to define whose income you are measuring, and that limiting income measurements to things that can be given a price devalues goods and services that are difficult or impossible to price.

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DEFERRED PAYMENT CREDIT is a type of a letter of credit where payment is made at a specified interval after collection papers are submitted.

PURCHASE ACCOUNT is an account in which all inventory purchases are recorded; used with the periodic inventory method.

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