Discuss the Internal Environment and Identify the Elements That Comprise

question 63

Essay

Discuss the internal environment and identify the elements that comprise the internal environment.

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Definitions:

Net Income

The final amount a company earns, which is the total revenue minus all expenses, taxes, and costs.

Net Loss

The amount by which expenses exceed revenues in a given period, resulting in a decrease in equity.

Debits And Credits

Accounting entries that are used to record transactions, where debits increase asset or expense accounts and decrease liability, equity, and revenue accounts, while credits do the opposite.

Income Statement

A financial statement that reports a company's financial performance over a specific period, detailing revenues, expenses, and net income.