Define and Give Examples of Text Files and Binary Files

question 32

Essay

Define and give examples of text files and binary files.

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Definitions:

Balance Sheet

A financial statement that displays a company's financial position at a certain date, showing assets, liabilities, and shareholders' equity.

Net Loss

Occurs when a company's expenses exceed its revenues during a specific period, leading to a negative profit.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, and profits or losses.

Revenues

The total amount of income generated by the sale of goods or services related to the company's primary operations.