Ledgers Flashcards
1
Q
Trial Balance
A
The initial collection of Debit and Credit accounts in one place. Contains a list of all accounts, a column for Debits as well as Credits. Debits must equal to Credits.
2
Q
Balance sheet (SFP)
A
Includes the companies Assets, Liabilities and Owners Equity. One of the key Financial Statements to assess the wellbeing of the company.
3
Q
Profit and Loss Account (Income Statement)
A
All of the Revenues and Expenses in a given period of time. Useful to accurately view the Net Income of the business.
