Examlex
The balance sheet and cash flow statement represent the assets, liabilities, owners' equity, and cash flows at a specific point in time; whereas, the income statement encompasses a specific period of time.
Unit Variable Cost
The cost that varies directly with the production output, altering with the volume of production.
Fixed Costs
Costs that do not change with the level of production or sales activities within a relevant range, such as rent, salaries, and insurance premiums.
Net Income
The total earnings of a company after subtracting all expenses and taxes from total revenue.
Break-even Level
The point at which total costs equal total revenues, resulting in neither profit nor loss.
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