1. What is the Income Statement?
- Lists the assets, debts and owners' investment at a particular date.
- Lists the revenue, the expenditure and the net income during a particular period.
- Summarise the organisations accounts.
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2. Which function is responsible for personnel systems?
- Accounts and Finance
3. Why does the sales system have links with the stock control system?
- So that items sold can be deducted from stock levels and staff have the most up to date information.
- So they know when to buy more stock.
- So that they can arrange meetings to discuss the company's accounts.
4. What is bespoke software?
- Software developed specifically for an organisation.
- Software that is bought off the shelf.
- A spreadsheet.
5. What is the purpose of the sales ledger?
- To notify the organisation of a delivery.
- Record sales made + money paid in for the goods or services sold.
- To purchase goods from suppliers.