POA TERMS

2. Money or goods taken out of the business by the owner for their private use.
5. The total resources invested and left in a business by its owner.
7. An end-of-period financial statement that includes the trading and profit and loss accounts.
10. The possession of assets in excess of liabilities; ability to pay one’s debt.
12. When a business’s expenses are greater than its revenue.
13. A statement showing assets, liabilities and capital of a business.
14. Another name for capital.
15. Payments made for goods and services to run the business.

1. When a business’s revenue/sales are greater than its expenses.
3. can be quickly turned into cash (within one year).
4. Where the sales revenue exceeds the cost of goods sold.
6. Resources owned by a business with monetary value.
8. The process of recording, summarising, analysing and interpreting financial data to make informed judgments and decisions
9. Amounts owed by a business.
11. Where sales revenue plus other income exceeds the sum of cost of goods sold plus other expenses.