financial statements. wk1 basic overview

Question 1

Statement of profit or loss (SPL) aka

Answer 1

“income statement” (recording over time)

Question 2

Statement of Financial Position (SPF) aka

Answer 2

“balance sheet” (end snapshot)

Question 3

Financial accounting covers

Answer 3

a company’s financial transactions and producing financial statements

Question 4

Financial management covers

Answer 4

managing working capital and producing financial statements

Question 5

Management accounting covers

Answer 5

financial and non-financial information to managers in business

Question 6

Net profit =

Answer 6

Total income - Total expenses