business transactions and financial statements 0.0 / 5 ? Accountingbusiness transactions and financial statementsA2/A-levelAQA Created by: harrietteCreated 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
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