Everything that a company owns. This might include cars, money, buildings and machines.
Ownership
Equipment
Liabilities
Assets
15
Money which a company owes to another company or person
Expenditures
Budget
Assets
Liabilities
15
Financial Statement which lists all the assets and all the liabilities of a company on one particular day, which is very often 31st December. It’s like a photograph because it’s at one moment in time.
Income statement
Statement
Overdraft
Balance Sheet
15
A Financial Statement which shows all the company’s sales and all of its costs, for a period of time.
Income Statement
Double entry
Balance Sheet
Current Assets
15
The accounting system used all over the world which records every transaction twice, as a Debit and a Credit.
Fixtures and fittings
Bank Overdraft
Double Entry
15
These are often shown in a shorter form as Dr. and Cr. They are the two sides used in Double Entry.
Freehold Premises
Debit and Credit
Plant and equipment
15
The job of recording all the entries of a business in its records.
Inventory
Overheads
Bookkeeping
Accruals
15
Things which a company owns that have a long-term value. Examples are buildings, motor vehicles, and machines.
Prepayments
Freehold premises
Fixed Assets
Current Liabilities
15
______________ means a building (or a number of buildings) that are owned by a company.
Assets
Sites
Freehold Premises
15
____________ are monies owed TO a business BY its customers.
Inventory
Cash loan
Accounts Receivable
15
A _______________ is when a company pays for something, but doesn’t use it for a while. Because it doesn’t use it, it keeps its value and so it is a Current Asset.
expenditure
prepayment
advance
15
_____ is where a company has a negative amount of money in its bank account. Usually, this is agreed with the bank in advance and there is a limit to the amount. This overdraft is a Current Liability.
Bank statement
Bank Overdraft
Bank Loan
Bank turnover
15
_____ is shown in the Income Statement as the calculation of Sales minus Cost of Sales. Clearly, every business needs its Sales to be greater than its Cost of Sales.
Gross Profit
Gross Revenue
Overall Liability
15
____________are the extra costs of running a business. Examples; insurance, power costs, bank interest payable, administration wages
Overheads
Ledger
Overdraft
Prepayments
15
The _____ of famous sports agency Zamora PLC were published today and made headline news.
Financial Statements
Assets
Overdraft
Bookkeeping
15
Turnover was up by 12% to £14.5m and ___________ rose by 17% to £4.6m.