Finances Flashcards
1
Q
Types of insurance?
A
Public liability Employers liability Animal liability Vehicle insurance Contents insurance Equipment cover Buildings insurance
2
Q
Income from sales
A
Sales Ledger
3
Q
Business invoices
A
Purchase ledger
4
Q
Itemises incoming and outgoing money by category
A
Nominal ledger
5
Q
Tracks money moving through business accounts
A
Cash ledger
6
Q
What management accounts need to be audited annually?
A
Profit and loss accounts.
Balance sheet.
7
Q
What are the two types of tax every business needs to pay?
A
Corporation tax.
VAT.
