Deficit
Deficit is amount by which net income falls short of salary and interest allowances. Also an abnormal, or debit, balance in a partner's capital account.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Deficit. Amount by which net income falls short of salary and interest allowances. Also an abnormal, or debit, balance in a partner's capital account.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
