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If a business has greater expenses than revenue, the final figure is called a “net loss”.

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is the difference between revenue and expenses

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the amounts of money paid out in order to produce the goods or services that earn revenue for the business, for example rent, electricity, salaries, bank interest (for businesses, the interest is usually the charge for a loan – an expense, not a revenue), etc.

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is the income received by the company, for example, money paid by customers to a hairstylist for a perm, the value of tickets sold for a play, or the bill for a hamburger.

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is the financial statement that reports a business’s income and expenses for a fiscal period

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"the ease of converting an asset or security into cash, with cash itself the most liquid asset of all. Other liquid assets include stocks, bonds, and other exchange-traded securities"

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t shows the company’s assets, liabilities and net worth on a given date

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is the difference between the total assets and total liabilities of a business.  It is also known as capital or net worth.

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are the debts owed by a business.  Similar to assets, liabilities are also divided into two categories – current and long-term

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are things of value owned by a business. Assets can be divided into two categories – current and fixed

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is a system with many aspects.  It is the gathering of financial information about the activities of a business or other organization and preparing this information in reports and summaries.