Accounting principles and procedures Flashcards
1
Q
What is a balance sheet?
A
A financial statement showing a companies assets and liabilities
2
Q
What is a profit and loss statement?
A
A financial report showing a companies income and expenditures
3
Q
What is included in a set of Public Limited Companies Accounts?
A
Chairmans statement
Independent auditors report
Income statement
Statement of financial position
Corporate governance report
Remuneration report
Other statutory information
4
Q
Who prepares management accounts?
A
Prepared for internal use by a business and are not audited
5
Q
Who prepares audited accounts?
A
Prepared by a chartered or certified accountant
6
Q
What does a cash flow statement show?
A
All actual receipts and expenditure to include VAT
7
Q
A
