Accounting Flashcards
1
Q
Recording transactions
A
Recording all money coming into and out of the business
2
Q
Management of the business
A
Responsible for :
Planning - foresee likely financial commitments
Monitoring - check performance and spending
Controlling - ensure funds are available to cover outgoings
3
Q
Measuring performance
A
Accountants measure how well the business is performing financially:
Gross/ net profit
Sales revenue
Expenditure
Costs
4
Q
Control
A
Accoutning also tracks :
Trade recievables - money OWED TO the business
Trade payables - money OWED BY the business
