Chapter 14 - Sources of information uses and limitations Flashcards
1
Q
Auditors Report
A
Companies are required to appoint independent auditors unless they are classed as small company.
2
Q
Auditors are required to
A
Audit annual accounts and report to members of the company
Review directors report
Ensure the information given in the strategic report for the financial accounting year is consistent
3
Q
Tangible assets
A
Assets that are held for use in the production and supply of goods or services. Property, plant equipment etc
4
Q
Intangible assets
A
Non-physical assets, patents, trademarks, brand names
5
Q
Income Statement
A
Performance of the company over the accounting period or part of it, for interim statements
6
Q
Operating profit
A
Operating profit / Sales X 100
7
Q
Net margin
A
Net profit after taxation / Sales X 100
8
Q
A
