financial statements Flashcards
1
Q
income statement
A
- sales
- cost of sales
- GROSS PROFIT
- other operating income
- GROSS OPERATING INCOME
- operating expenses
- OPERATING PROFIT
- interest income
- PROFIT BEFORE INTEREST EXPENSE
- interest expense
- NET PROFIT FOR THE YEAR
2
Q
balance sheet
A
- Assets
- Non-current assets
- current assets
- total assets
- equity and liabilities
- owners equity
- non- current liabilities
- current liabilities
- Total equity and liabilities
3
Q
inventories
A
- trading stock
- consumable stores on hand
4
Q
trade and other receivables
A
- net trade debtors
- debtors control
- provision for bad debts
- prepaid expenses
- accrued income
- fixed deposit maturing
- deposit for water and electricity
5
Q
cash and cash equivalents
A
- bank
- petty cash
- cash float
- saving account
6
Q
owners equity
A
- capital (beginning of the year)
- add Net profit (income statement)
- add additional capital
- less capital withdrawn
- less drawings
7
Q
trade and other payables
A
- creditors control
- accrued expenses
- deferred income
- creditors for salaries (gross-deductions)
- SARS (PAYE)
- UIF
- medical aid
- pension fund
- short term loan
- bank overdraft
