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Chapter 7: Business Accounting Accounts of final records of a individual(prenominal) line of credit watchful at the end of severally financial year. The accountant is amenable to prepare the final accounts of the business. Methods of devising Payment 1) Cash 2) Cheque 3) Credit Cards 4) debit Cards Who delectation the final accounts? 1) Shareholders - To whop if the business is additionable or not as they save invested at the start. 2) Creditors - They exit desire to know if their keep company passes enough cash to repay them back. 3) regime - Government will have to charge tax on the aggregate of profit shown in the final account. 4) Other companies - A business taking over another business will have to know the amount of profit / loss the company is making before merging. 5) Managers - Use financial accounts to take decisions and keep back the operations of the business. Trading Account 1) Shows the crude(a) profit 2) Shows the woo of gross revenue 3) Shows sales revenue Income financial statement of Joe & axerophthol; Joe as at 31 declination 2008.

gross sales RevenueLess Cost gross revenueInventoryAdd PurchasesInventoryCost of sales gain cyberspace| $10,000------------------------------------------------- 25,00035,000------------------------------------------------- 12,000| $55,000------------------------------------------------- ------------------------------------------------- ------------------------------------------------- --------- ---------------------------------------- 23! ,000------------------------------------------------- 32,00| Questions 1 : Calculate the gross profit: Sales revenue * 80,000 * 25,000 * 75,000| Cost of Sales * 100,000 * 16,000 * 25,000| Gross Profit * (20,000) * 9,000 * 50,000| Questions 2 : Bary Ltd accountant gathered the following data for the zeal of income statement for the year ended 31 December 2008. $ * Sales Revenue 50,000...If you want to get a total essay, guild it on our website: BestEssayCheap.com

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