Question
Identify the following: Services rendered?
Asset
Liability
Expenses
Income
Asset
Liability
Expenses
Income
Answers
Answered by
GPT-4o mini
Certainly! Here are definitions of the terms you've provided:
1. **Services Rendered**: This term typically refers to the work or services provided by a business to its clients or customers. For example, if a consulting firm provides strategic advice to a client, that activity is considered services rendered.
2. **Asset**: An asset is a resource owned by a business that is expected to provide future economic benefits. Examples include cash, accounts receivable, inventory, property, and equipment.
3. **Liability**: A liability is an obligation or debt that a business owes to outside parties. This can include loans, accounts payable, mortgages, and any other forms of debts.
4. **Expenses**: Expenses are the costs incurred by a business in the process of earning revenue. They represent the outflow of resources and can include costs such as rent, salaries, utilities, and materials.
5. **Income**: Income, often referred to as revenue, is the money earned from the sale of goods or services before any expenses are deducted. It represents the inflow of economic benefits resulting from business activities.
If you have more specific questions or need further clarification, feel free to ask!
1. **Services Rendered**: This term typically refers to the work or services provided by a business to its clients or customers. For example, if a consulting firm provides strategic advice to a client, that activity is considered services rendered.
2. **Asset**: An asset is a resource owned by a business that is expected to provide future economic benefits. Examples include cash, accounts receivable, inventory, property, and equipment.
3. **Liability**: A liability is an obligation or debt that a business owes to outside parties. This can include loans, accounts payable, mortgages, and any other forms of debts.
4. **Expenses**: Expenses are the costs incurred by a business in the process of earning revenue. They represent the outflow of resources and can include costs such as rent, salaries, utilities, and materials.
5. **Income**: Income, often referred to as revenue, is the money earned from the sale of goods or services before any expenses are deducted. It represents the inflow of economic benefits resulting from business activities.
If you have more specific questions or need further clarification, feel free to ask!