Flashcards
Finanical statements
Cards in this deck (2)
- 1Financial statements- analysis of business transactions
- interrelated - 2Profit and loss account- a financial statement
- record income and expenses of business over the period of time
- normally one year
- income less expenses equals net income
- income eg. sales of goods, bank interests earned
- expenses e.g. salaries, repairs, electricity, telephone
By contrast, expenses are greater than income, loss will occurred.
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- FRM Flashcards on Finanical statements, created by studentc on 01/05/2013.
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- studentc
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