Net Income: The net income is the profit generated in the business over a particular period of time. Net income is calculated by deducting the total expenses from the total revenue, in adherence to the accrual principle of accounting. To Comment: On the statement of Dr. C whether the Bank balance show pure profit.

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Chapter 1, Problem 1.2CP

To determine

Net Income: The net income is the profit generated in the business over a particular period of time. Net income is calculated by deducting the total expenses from the total revenue, in adherence to the accrual principle of accounting.

To Comment: On the statement of Dr. C whether the Bank balance show pure profit.

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