Financial Accounting Flashcards
1
Q
What is meant by income statement?
A
report on the profit or loss that a business has made in a given year, measure of performance
2
Q
What is on an income statement?
A
revenues, costs etc,
3
Q
What are non current liabilities
A
costs that you have long term (more than a year)
4
Q
What are current liabilites
A
costs that you have short term (within a year)
5
Q
what are current assets
A
what you own in the short term (within a year)
6
Q
what are non current assets
A
what you own in the long term (more than a year)
7
Q
what are receivables?
A
what you are owed
8
Q
what are payables
A
what you owe
9
Q
what is meant by depreciation?
A
reduction in the value of an asset over time
