Define the following
1.Income statement
2.liability
3.Assets
1. Income statement: An income statement is a financial statement that presents the revenues, expenses, and resulting net income or loss of a company for a specific period of time. It showcases the company's financial performance and profitability during that period.
2. Liability: In accounting and finance, a liability refers to an obligation or a debt that a company or an individual owes to another party. It represents the amount that needs to be repaid or fulfilled in the future and is recorded on the balance sheet. Examples of liabilities include loans, accounts payable, and accrued expenses.
3. Assets: Assets are economic resources owned or controlled by a company or an individual, which have the potential to provide future benefit or value. They are recorded on the balance sheet and can be tangible (physical items such as buildings, equipment, or inventory) or intangible (non-physical items such as patents, trademarks, or goodwill). Assets are typically categorized as current assets (expected to be converted into cash within a year) or long-term assets (expected to provide benefit for more than a year).