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7 Cards in this Set
- Front
- Back
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trial balance |
a trial balance is a listing of all the ledger accounts and their ending balances at a point in time |
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purpose of trial balance |
it helps to check the arithmetic accuracy in recording and in preparation of financial statements. |
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financial performance |
shows the income earned and expense incurred for a periodof time. it informs the stakeholders of the profitability of the business |
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financial positions |
list the assets, liabilities and equity of a business as at a specific date. it provides information on how resources are obtained and used in a business and the claim by the owner(s) on the net assets of the business at a point in time. |
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net sales revenue |
sales revenue - sales return |
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gross profit |
net sales revenue - cost of sales |
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profit/loss for the year |
gross profit + other income - expenses |
