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1. Accounting and Financial Statements
Companies have to produce finacial information every year. Match the three common accounts or financial statements below with their descriptions:
1. Profit and Loss Account (UK) / Income Statement (USA)
2. Balance Sheet
3. Sources and Applications of Funds (UK) / Statement of Changes in Financial Position (USA)
a-This statement shows a company's financial situation on a specific date, usually at the end of the financial year. It calculates a company's liabilities, assets and share capital.
b-This statement shows the movement of cash in and out of a company. It includes entries such as trading profits, borrowing, the sale of assets, etc.
c-This statement shows a company's profit by calculating turnover and the total of costs and overheads.
12/02/2013 20:32
+ 5
Wed, 02/13/2013 - 00:28
JohannaT. (37)
I speak:
Spanish
I learn:
English
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busuu Challenge
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1 C
2 A
3 B
1. Profit and Loss Account (UK) / Income Statement (USA)
c-This statement shows a company's profit by calculating turnover and the total of costs and overheads.
2. Balance Sheet
a-This statement shows a company's financial situation on a specific date, usually at the end of the financial year. It calculates a company's liabilities, assets and share capital.
3. Sources and Applications of Funds (UK) / Statement of Changes in Financial Position (USA)b-This statement shows the movement of cash in and out of a company. It includes entries such as trading profits, borrowing, the sale of assets, etc.
b-This statement shows the movement of cash in and out of a company. It includes entries such as trading profits, borrowing, the sale of assets, etc.
12/02/2013 23:28
+ 2
Sat, 02/16/2013 - 21:00
Malena Erin (36)
I speak:
Spanish, Catalan
I learn:
English, German
Busuu berries :
16857
busuu Challenge
You and Malena Erin will have to complete 3 units in 24 hours in order to win 50 busuu-berries !
Remember, doing a busuu Challenge requires a bet of 50 busuu-berries, so make it count!
We sent an email to Malena Erin! Malena Erin has 24 hours to accept and start your challenge!
Remember you can only challenge one user at a time!
2. Accounting Entries
Here are some entries which could appear in any of the financial statements in exercise 1. Decide whether they should be entered on the positive or the negative side of the balance sheet:
Example: turnover - positive
dividends
creditors
debtors
assets
liabilities
share capital
taxation
16/02/2013 20:08
+ 1
Sat, 02/16/2013 - 21:47
Carol Ocell (37)
I speak:
Spanish, Catalan
I learn:
Chinese
Busuu berries :
121
busuu Challenge
You and Carol Ocell will have to complete 3 units in 24 hours in order to win 50 busuu-berries !
Remember, doing a busuu Challenge requires a bet of 50 busuu-berries, so make it count!
Malena Erin (36)
1. Accounting and Financial Statements
Companies have to produce finacial information every year. Match the three common accounts or financial statements below with their descriptions:
1. Profit and Loss Account (UK) / Income Statement (USA)
2. Balance Sheet
3. Sources and Applications of Funds (UK) / Statement of Changes in Financial Position (USA)
a-This statement shows a company's financial situation on a specific date, usually at the end of the financial year. It calculates a company's liabilities, assets and share capital.
b-This statement shows the movement of cash in and out of a company. It includes entries such as trading profits, borrowing, the sale of assets, etc.
c-This statement shows a company's profit by calculating turnover and the total of costs and overheads.
JohannaT. (37)
1 C
2 A
3 B
1. Profit and Loss Account (UK) / Income Statement (USA)
c-This statement shows a company's profit by calculating turnover and the total of costs and overheads.
2. Balance Sheet
a-This statement shows a company's financial situation on a specific date, usually at the end of the financial year. It calculates a company's liabilities, assets and share capital.
3. Sources and Applications of Funds (UK) / Statement of Changes in Financial Position (USA)b-This statement shows the movement of cash in and out of a company. It includes entries such as trading profits, borrowing, the sale of assets, etc.
b-This statement shows the movement of cash in and out of a company. It includes entries such as trading profits, borrowing, the sale of assets, etc.
Malena Erin (36)
Well done! Your answer is correct Johanna :)
He MAn T (23)
Perfect comment made by Johanna T.
Malena Erin (36)
You're right!
Carol Ocell (37)
1c
2a
3b
Malena Erin (36)
Well done Carol! Your answer is correct :)
Malena Erin (36)
2. Accounting Entries
Here are some entries which could appear in any of the financial statements in exercise 1. Decide whether they should be entered on the positive or the negative side of the balance sheet:
Example: turnover - positive
dividends
creditors
debtors
assets
liabilities
share capital
taxation
Carol Ocell (37)
Hello Malena!
positive: turnover, debtors, assets, share capital
negative: dividends, creditors, assets, liabilities , taxation
Malena Erin (36)
Hi Carol!
Your answer is correct. Keep on writing!