Accounting

Question 1

what is the role of an auditor

Answer 1

The auditor’s objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes the auditor’s opinion.

independent verification of a companies financial position

Question 2

what is a profit and loss statement

Answer 2

A summary of a business’ income and expenditure transactions

Question 3

what is a balance sheet

Answer 3

Assets
Liabilities

(balance of assets V Liabilities)

Question 4

what is a business plan and what are the benefits

Answer 4

The purpose of a business plan is to help articulate business strategy it defines how you will achieve your most important business objectives.
allocation of resources
how you will deal with threats to business