Buisness Planning Flashcards
1
Q
What are the three types of financial statement
A
Balance sheet, profit and loss and cash flow statement
2
Q
What is an asset/ liability
A
Asset is something you own, liability something you owe
3
Q
Can you give me an example
A
Asset- property Liability- rent
4
Q
Difference between financial and management accounts
A
Financial used externally and required by law. Management internal use only.
5
Q
What do you understand by the GAAP
A
It is a system of rules of small UK firms. Larger firms working in international territory required to have IFRS.
6
Q
How would you assess a companies financial strength?
A
Dun bradsheet check. Ability to pay off bills.
7
Q
What is difference between IFRS and UK GAAP
A
IfFRS is a procedure basis. GAPP is rules based.
8
Q
A
