Financial statements Flashcards
1
Q
what are the four types of financial statements?
A
- statement of profit and loss
- statement of financial position
- statement of cash flow
2
Q
what are examples of revenue?
A
sales/ service fees, miscellaneous items, dispensing fees, commission revenue
3
Q
what are examples of expenses?
A
- selling expenses, administrative expenses, financial expenses
4
Q
what are examples of finance expenses?
A
finance: funding, business activities, collecting cash - interest on loans- bank charges- bad debts- credit card changes
5
Q
what are examples of selling expenses?
A
Selling: promotional, selling, distribution of good/services
- advertising - sale saleries - delivery vehicle expenses - depreciation on delivery vehicle
6
Q
what are examples of admin expenses?
A
admin: operating office, general expenses- office wages- telephone- insurance- rates- loss on disposal of motor vehicle
