accounts

Question 1

what is a profit and loss account

Answer 1

summarizes the revenues, costs, and expenses during over a period of time. cost of goods sold

Question 2

What is a balance sheet account

Answer 2

statement of the assets, liabilities at point in time - short term liabilities - loan

Question 3

what is a cash flow

Answer 3

shows the movement of cash e.g employs wages

Question 4

what is the difference between a cash flow and balance sheet

Answer 4

If your business is making money or losing it. Cash Flow statement tracks all the movement of your cash