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Net income or net earnings (often called "the bottom line") is the excess of total revenues over total expenses. If total expenses exceed total revenues, a net loss is reported. We noted earlier that revenues are not necessarily the same as collections from customers and expenses are not necessarily the same as payments to suppliers. As a result, net income normally does not equal the net cash generated by operations. This latter amount is reported on the cash flow statement discussed later in this chapter.Net income or net profit is the excess of revenue over expenses, total. If total expenses exceed total revenue with net losses are reported. The previously noted that revenue is not required, as well as collections from customers and expenses that are not necessarily the same as payment to the suppliers. As a result, the net income is normally not equal to the net cash flows from operations. This amount is reported in the cash flow statement, which is discussed in the next topic.
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