AS Applied ICT - Key Terms and Definitions

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  • Created by: Maddie
  • Created on: 18-03-14 15:21

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. What is the Balance Sheet?

  • 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.

3. What is bespoke software?

  • Software developed specifically for an organisation.
  • Software that is bought off the shelf.
  • A spreadsheet.

4. What is a Purchase Ledger?

  • A record of the purchases made and money paid out in date order.
  • A request for payment from the organisation.
  • Money paid and money owed to suppliers.

5. A sales system records?

  • The purchase orders sent to suppliers.
  • Orders and contracts placed by customers.
  • Money paid and money owed.

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