accounts Flashcards

1
Q

what is a profit and loss account

A

summarizes the revenues, costs, and expenses during over a period of time. cost of goods sold

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2
Q

What is a balance sheet account

A

statement of the assets, liabilities at point in time - short term liabilities - loan

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3
Q

what is a cash flow

A

shows the movement of cash e.g employs wages

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4
Q

what is the difference between a cash flow and balance sheet

A

If your business is making money or losing it. Cash Flow statement tracks all the movement of your cash

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