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SOCIAL ENTITY is the separate existence of an organization that is perceived to exist, by its members and the public at large, as a given, i.e. something that exists before and outside of them.

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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.

CASH IN TRANSIT is cash being transferred from one business to another or between two parts of the same business. If it is not recorded as an asset in either an adjusting entry may be necessary.

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