Financial statements are written records of a business's financial situation.

They include standard reports like the balance sheet, income or profit and loss statements, and cash flow statement. 

Adam Smith was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics. 

He is most famous for his 1776 book, "The Wealth of Nations.

The normal balance of liability account is Credit balance.

Normal balance is the side where the balance of the account is normally found. Asset accounts normally have debit balances, while liabilities and capital normally have credit balances.

 If the cost can never be zero, it has a fixed component. However, since it changes with the number of units produced, it also has a variable component. This is a mixed cost.