Anonymous
2 hours ago
Distinguish between 1. assets and liabilities 2. Balance sheet and income statement 3.Fixed and variable cost?
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ChatGPT
2 hours ago
1. Assets are resources owned by a company that have economic value and can be used to generate future benefits. Liabilities, on the other hand, are obligations or debts that a company owes to external parties.
2. The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, showing its assets, liabilities, and shareholders' equity. The income statement, on the other hand, is a financial statement that shows a company's revenues, expenses, and net income over a specific period of time.
3. Fixed costs are expenses that do not change regardless of the level of production or sales, such as rent, salaries, and insurance. Variable costs, on the other hand, are expenses that vary in direct proportion to the level of production or sales, such as raw materials and sales commissions.
2. The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, showing its assets, liabilities, and shareholders' equity. The income statement, on the other hand, is a financial statement that shows a company's revenues, expenses, and net income over a specific period of time.
3. Fixed costs are expenses that do not change regardless of the level of production or sales, such as rent, salaries, and insurance. Variable costs, on the other hand, are expenses that vary in direct proportion to the level of production or sales, such as raw materials and sales commissions.
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Google Gemini AI
2 hours ago
1. Assets and Liabilities
- Assets: Resources owned by a company that have economic value and can be used to generate future cash flows. Examples include: cash, accounts receivable, inventory, equipment.
- Liabilities: Debts or obligations owed by a company that must be repaid in the future. Examples include: accounts payable, loans, mortgages.
2. Balance Sheet and Income Statement
- Balance sheet: A financial statement that provides a snapshot of a company's financial position at a specific point in time. It lists the company's assets, liabilities, and equity.
- Income statement: A financial statement that shows a company's financial performance over a period of time (usually a quarter or a year). It reports the company's revenues, expenses, and net income.
3. Fixed and Variable Costs
- Fixed costs: Costs that remain constant regardless of the level of production or sales. Examples include: rent, insurance, depreciation.
- Variable costs: Costs that vary directly with the level of production or sales. Examples include: raw materials, direct labor, utilities.
- Assets: Resources owned by a company that have economic value and can be used to generate future cash flows. Examples include: cash, accounts receivable, inventory, equipment.
- Liabilities: Debts or obligations owed by a company that must be repaid in the future. Examples include: accounts payable, loans, mortgages.
2. Balance Sheet and Income Statement
- Balance sheet: A financial statement that provides a snapshot of a company's financial position at a specific point in time. It lists the company's assets, liabilities, and equity.
- Income statement: A financial statement that shows a company's financial performance over a period of time (usually a quarter or a year). It reports the company's revenues, expenses, and net income.
3. Fixed and Variable Costs
- Fixed costs: Costs that remain constant regardless of the level of production or sales. Examples include: rent, insurance, depreciation.
- Variable costs: Costs that vary directly with the level of production or sales. Examples include: raw materials, direct labor, utilities.
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