Question

Item Definition Term a. Total revenues less total expenses Revenues b. Provides information for decision makers outside of the organization Financial accounting c. Provides information for managers of the organization d. Responsibilities of the members of society to each other

Answer 1

a. Net income

b. Financial accounting

c. Managerial accounting

d. Ethical duties

Step-by-step explanation:

The items we called are shown below:

a. Net income

As the net income shows a difference between total revenues and the total expenditure incurred

In mathematically,

Net income = Total revenues earned - total expenses incurred

b. Financial accounting

The financial accounting is accounting which keep the tracking of the transactions with respect to the journalizing, posting, recording, summarizing and presented in the financial statements so that it provided the information to outsiders for better decision making

c. Managerial accounting

Managerial accounting refers to the information given to the managers with respect to financial information so that the company objectives and goals could be achieved

d. Ethical duties

Every individual of the society should behave ethically to other people so that the other person should reply in a polite way that shows the principal values of an individual