business transactions and financial statements

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  • Created by: harriette
  • Created on: 17-10-17 13:54
balance sheet
to provide with a snap shot of the business financial position at a certain point in time
1 of 9
assest
items owned to the business by other parites
2 of 9
less liabilities
the business's debts
3 of 9
equal capital
the initial investment plus profit earned over time (liability)
4 of 9
what is the accounting equation??
assets-liabilities = capitial
5 of 9
what is a profit and loss account??
provides infomation about the profitability anf generally performance of the bussiness over a period of time
6 of 9
sales
income that is generated from sales of goods and services
7 of 9
less expenses
day to day running costs (overheads0
8 of 9
profit/loss
the profit or loss the organisation makes form trading
9 of 9

Other cards in this set

Card 2

Front

items owned to the business by other parites

Back

assest

Card 3

Front

the business's debts

Back

Preview of the back of card 3

Card 4

Front

the initial investment plus profit earned over time (liability)

Back

Preview of the back of card 4

Card 5

Front

assets-liabilities = capitial

Back

Preview of the back of card 5
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