1Q) what is balance sheet? 2Q) what is Net Profit & Net Loss 3Q) what are the Golden Principles of Accounting?

Question

Accepted Answer

Balance sheet is a financial statement that shows a company's assets, liabilities, and shareholders' equity at a specific point in time.

Balance sheet provides a snapshot of a company's financial position.
It consists of three main components: assets, liabilities, and shareholders' equity.
Assets are what the company owns, liabilities are what it owes, and shareholders' equity is the difference between the two.
Net Profit is the amount by which revenues exceed expenses in a given period.
Net Loss is the amount by which expenses exceed revenues in a given period.
Golden Principles of Accounting include the principles of conservatism, consistency, materiality, and full disclosure.

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