A trading, profit and loss account shows the profit or loss over a period of time. It identifies how much money has came in to the firm and how much money has been spent and on what.
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What is a Balance Sheet?
This shows the value of a business at a particular date. This includes fixed assets which are items what the business owns and will keep for more than one year. Current assets are items which a business owns but keeps less than one year.
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What is managers and owners interest in financial information?
Managers use profitability ratios to check on the organisations performance in comparison to previous years. Owners are interested to compare the return from their investment with other investment opportunities.
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Other cards in this set
Card 2
Front
This shows the value of a business at a particular date. This includes fixed assets which are items what the business owns and will keep for more than one year. Current assets are items which a business owns but keeps less than one year.
Back
What is a Balance Sheet?
Card 3
Front
Managers use profitability ratios to check on the organisations performance in comparison to previous years. Owners are interested to compare the return from their investment with other investment opportunities.
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