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10 Cards in this Set
- Front
- Back
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Appropriation account
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The final section of the Profit and Loss account and shows how the net profit after interest and tax is distributed, (dividends to shareholders, retained profits to the business).
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Balance sheet
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contains financial information on an organization´s assets, liabilities and capital invested by the owners on one specific day.
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Book value
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The value of an asset as shown on a balance sheet.
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Cost of goods sold (or Cost of Sales)
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shown in the trading account and represents the direct cost of producing or purchasing stock that has been sold.
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Depreciation
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The fall in the value of the fixed assets over time.
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Final accounts
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are the published annual financial statements that all limited liability companies are legally obliged to report.
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Fixed assets
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Items owned by a business, not intended to sale within the next twelve months, but used repetitively to generate revenue.
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Goodwill
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an intangible asset which exists when the value of a firm exceeds its book value.
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Gross profits
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The difference between the sales revenue of a business and the direct costs incurred in the making or purchasing.
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Historic cost
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refers to the purchase cost of a particular fixed asset.
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