A business keeps various types of financial records to monitor its performance and ensure that taxes are paid. These include income statements and statements of financial position.
What does an income statement show?
The financial performance of a business
A sales projection for a business
The value of a business
What must be taken away from sales revenue to show the gross profit of a business?
Expenses and cost of sales
Cost of sales
Which of these would be considered to be a current asset by a business?
Money owed by debtors
What is working equity?
Money owed to a business by debtors
Money that is tied up in investments or property
Money that a business can access immediately
What shows the overall worth of a business?
Its non-current assets
Its net assets