Financial records

1

What is used to show the value of a business on a particular date?

2

What is used to show the gross profit of a business over a year?

3

What is used to show the flow of money in and out of the business over a year?

4

What does the profit and loss account show?

5

If the cost of sales is £20,000 and the revenue is £60,000, then what is the gross profit?

6

If gross profit is £60,000 and other expenses are £100,000 then what is the net profit?

7

If current assets are £50,000 and current liabilities are £90,000, then what is net profit?

8

What does a balance sheet show?

9

If current assets are £50,000 and current liabilities are £90,000 then what is the business?

10

What makes a business solvent?