64982
| Frage | Antworten |
| Financial statements | - analysis of business transactions - interrelated |
| Profit and loss account | - a financial statement - record income and expenses of business over the period of time - normally one year - income less expenses equals net income - income eg. sales of goods, bank interests earned - expenses e.g. salaries, repairs, electricity, telephone By contrast, expenses are greater than income, loss will occurred. |
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