N

Net earnings:
Earnings after deductions.

Net Income:
Net income is also called net profit or earnings. Net income is the difference between a company's gross profit and its total expenses. For example, if gross profit of a company is $400,000 while expenses are $300,000, the net income would be $100,000. The net income is found at the bottom of the income statement and often times referred to as "The Bottom Line" by business owners.

Net Loss:
The excess of the total expenses over the gross profit.

Net Sales:
The final amount of sales, determined by subtracting the amount of sales returns and allowances and sales discount from the total amount of sales, for a fiscal period.

Net Worth:
It is also called equity or capital. Net worth or equity is the difference between total liabilities and total assets. For example, if total assets of a sole proprietorship is $500,000 and total liabilities is $350,000, the total net worth would be $150,000. In a corporation, net worth or stockholders equity consists of capital stock, capital surplus, and retained earnings (earned surplus).

Noncapital asset:
Propertythat is not a capital asset.

Notes Payable:
Written interest-bearing promises to persons or businesses to pay certain amounts at certain times.

Notes Payable-Short Term:
Short-term (less than 12 months) interest bearing obligations, including bank and commercial paper.

Notes Receivable:
Written interest-bearing promises from persons or businesses agreeing to pay certain amounts at certain times.