Accounting principals and procedures

Question 1

What financial statements are there?

Answer 1

• Proffit and Loss / Income Statement
• Balance Sheet / Statement of Financial Position

Question 2

What is a balance sheet?

Answer 2

• Statement of financial position
• Shows business financial position showing assets and liabilities at a given date (end of financial year)
• snapshot

Question 3

What is a Profit and Loss Statment?

Answer 3

• Income Statment
• Summary of business income and expenditure transactions
• Prepered on an anual basis

Question 4

What is included on a set of public liability accounts?

Answer 4

• Chairmans Statment
• Independent auditors report
• Income Statment (Profit and loss)
• Statement of financial position (Balance sheet)
• Corporate governance report
• Remuneration report
• other statutory information