Business Accounting

2. Are the Professionally qualified people who have responsibility for keeping accurate accounts
6. this is made when sales revenue is greater than the cost of goods sold
9. that part of the profit and loss account which shows how the profit after tax is distributed
10. Are produced at the end of the year and give details of the profit or loss made over the year and the worth of a business
12. long term borrowings which do not have to be repaid within a year
13. The income to a business during a period of time from the sale of goods or services
15. the cost of producing or buying in the goods actually sold by the business during a time period
18. Are long term assets
19. Shows how the gross profit is calculated

1. the net profit reinvested back into a company, after all payments have been made
3. owed by the business that has to be repaid within a year.\
4. the profit made by a business after all costs have been deducted from sales revenue
5. shows how the net profit of a business and the retained profit of a company are calculated
7. Items of which are valued to a business
8. shows the value of a companies assets and liabilities
11. Are short term assets
14. Items owed by the business
16. is the fall in the value of a fixed asset over time
17. The ability of a business to pay back its short term debts
20. Are the financial records of a firm's transactions.