Company accounts

Part of financial strategies and accounts for BUSS3 AQA Business

  • Created by: Bethany
  • Created on: 10-03-13 15:58
Balance sheet
Lists of assets and liabilities at a fixed point in time
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Assets
Things that belong to a business
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Liabilities
The money which the business owes
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Capital
The money invested in the business
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Total equity
The total of all the money put into the business
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Bad debts
Debts that debtors won't ever pay
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Working capital
The finance available for day-to-day spending
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Capital expenditure
Money used to buy non-current assets (sometimes called fixed capital)
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Debtors
Also known as receivables - people who owe money to the business
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Depreciation
The lose of value on assets
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Income statements
Also known as profit and loss account - show how much money's been coming into the company and how much has been going out
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Trading account
Works out gross profit (one part of the income statement)
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Appropriation account
Shows what is being done with profit (one part of the income statement)
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Profit utilisation
How a business uses its profits
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Net realisable value
The amount the business could get by selling the stock right now in its current state.
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Gross profit
Revenue - cost of sales
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Net profit
Gross profit - indirect costs
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Operating profit
Takes into account all revenues and costs from regular trading, but nor any revenues and costs from one-off events
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Retained profit
What is left from net profit after tax, once share dividends have been paid to shareholders
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Other cards in this set

Card 2

Front

Things that belong to a business

Back

Assets

Card 3

Front

The money which the business owes

Back

Preview of the back of card 3

Card 4

Front

The money invested in the business

Back

Preview of the back of card 4

Card 5

Front

The total of all the money put into the business

Back

Preview of the back of card 5
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