What is the difference between a pronoun and an adjective?
In the English language pronouns are used to stand in place of an actual noun (a person, place or thing), while an adjective is used to describe a noun or a pronoun. Pronouns may include words such as You, I, It, He, Them, etc. These commonly known pronouns are called personal pronouns, although there are several different types. There also various types of adjectives which are used to enhance a noun or a pronoun and make a sentence or phrase more descriptive. One type of adjective is called a possessive adjective; for example, in the sentence "He is holding his books." the word "his" is the adjective which enhances the noun books.
What are the components of a balance sheet?
The purpose of accounting is to fairly report an entity's financial position for private and/or public use. A balance sheet is used to summarize the entity's total assets, liabilities, and shareholder's equity at a specific point in time. Assets are current economic benefits that may be classified as short-term or long-term, which is determined by liquidity or the ability to convert the asset into cash. Liabilities are a measure of future economic obligations that arise in the normal course of business, which may also be classified as short-term or long-term based on when the obligation must be met. Shareholder's equity is calculated as the difference between assets and liabilities, and is a measure of the entity's net worth. If shareholder's equity is positive, the entity's asset value is sufficient to cover the value of its liabilities.
Why is business important in our every day lives?
Business is crucial to our every day lives as it serves as the backbone to our economic and social structure. It dictates our decisions regarding how goods and services are exchanged, the ways we spend money, and how resources are allocated. Business influences the factors which drive our economy and create jobs to perpetuate opportunities for stable economic growth.