17 Financial Statements Flashcards
1
Q
Define finance cost
A
interest paid by a business on any borrowed money.
2
Q
Define finance income
A
interest received by a business on any money held in a deposit.
3
Q
Define patent
A
a government authority or license for a right or title for a set period of time, which excludes others from using the product/service or idea.
4
Q
Define solvency
A
ability of a business to meet its debts
5
Q
Define administrative costs
A
costs relating to running a business.
6
Q
Define debtors
A
people or businesses that owe money.
7
Q
Define statement of financial position
A
balance sheet which shows the assets, liabilities and capabilities of a business.
8
Q
Define statement of comprehensive income
A
shows the profit gain or loss for the year, like expenditure and profit made from sales.
