Profit & Loss
Balance Sheet
Purpose of Accounts
Intangible Assets
Random
100

List 5 out of 9 stakeholders that would need a firm's final accounts

Any 5 of: Shareholders, Managers, Employees, Customers, Suppliers, The Government, Competitors, Financiers, The Local Community



100

Define a balance sheet

Also known as the statement of financial position, this outlines the assets, liabilities, and equity of a firm at a specific point in time. It is a snapshot of the financial position of a firm and is used to calculate a firm's net worth. It gives the firm an idea of what it owns and owes, including how much shareholders have invested in it.

100

Why would competitors want to know about other companies' financial accounts? (List two)

Compare their sales revenue

Compare profitability

Are the competitors struggling financially

100

Define Goodwill and Patent

Patent:

provide inventors with

the exclusive rights to

manufacture, use, sell or

control the product or process

they invented


Goodwill:

the value of positive or

favourable attributes that

relate to a business

100

What are Indian dating apps called?

Connect the dots

200

What are the three different accounts of profit and loss accounts? Name them in the correct order

The trading account, the profit and loss account, the appropriation account

200

What is an asset?

Assets are anything, tangible or intangible, that is capable of being owned by or owed to a business. Examples include land, buildings and stock. Assets produce value and have a positive economic value, as they can be converted into cash (also an asset). Tangible assets include current assets and fixed assets.

200

Why would suppliers want to know the company's financial account?

To extend trade credit period or demand immediate cash/

Find the ferns ability to pay back finance

200

Define Copyright laws

Legislation that provides

creators with the exclusive

right to protect the production

and sale of their artistic or

literary work

200

Why are Americans so good at Rubik's cubes?

Because they have history separating different colors

300

The appropriation account has one essential formula for retained profit. Recall the formula exactly as written in the textbook

Retained profit = profit for period - dividends

300

Define net assets, fixed assets, current assets


Net assets are the value of the total assets less current liabilities. Net assets measure the value of the assets after liabilities have been paid. Sources of finance explain where the money to fund net assets has been sourced, e.g. share capital and retained profits.


Fixed assets are things the firm owns, which have a lasting value and are not intended for sale. They have a life lasting for more than one year, e.g. land, buildings, equipment, furniture, fittings and vehicles. 


Current assets are things that do not have a lasting value but have a short life as they will normally be turned into cash within a year, e.g. stock, debtors and cash. 


300

Who is not interested in a pencil company's financial account? Choose 2. 

Government, The local community, Elon Musk, Customer

Customer

Elon Musk

300

When does Disney's Mickey Mouse copyright expire?

2024

300

What are mentally ill kids with guns called?

Special forces

400

The trading account has two essential formulas for gross profit and COGs. Recall the formulas exactly as written in the textbook

Gross profit = sales revenue - cost of sales 

Cost of sales = opening stock + purchases - closing stock

400

Define liabilities, current liabilities, and long-term liabilities. 


Liabilities are financial obligations, debt or claims on the business. These are anything owed by the business when the balance sheet is prepared. Liabilities can be classified as long-term or current. Examples include mortgages, bank loans and creditors.



Current liabilities are short-term liabilities that are paid quickly, usually within one year; for example creditors, overdrafts, short-term loans and debentures.

Long-term liabilities (debt) include debts or loans that are repaid in more than a year, e.g. bank loans or debentures.


400

Why do managers want to know about financial accounts?

To set target goals by seeing the business’s performance

400

Name one of the two most expensive trademarks

Google is the most popular search engine, and its trademark is worth $44.3 billion. ...

Microsoft has a trademark value of $42.8 billion and a market cap of $204 billion. ...

400

Jihoo had head surgery when and why?

2nd grade, because he hit his head on a slab of stone

500

The profit and loss account has three essential formulas for profit before interest and tax, profit before tax, and profit for period. Recall the formulas exactly as written in the textbook

Profit before interest and tax = gross profit - expenses

Profit before tax = profit before interest and tax - interest

Profit for period = profit before tax - corporation tax

500

The last section of the balance sheet is composed of two sections. Name them and outline what they are. 

Financed by shows where the company got the funds to purchase its net assets, e.g. shareholders’ funds (share capital and retained profits) and long-term loans (debt).


  • Share capital – the face value of the shares that have been sold which the original owner paid to the company (not the market price for the shares).
  • Retained profits – profits made that have not been paid out as tax or dividends but reinvested to fund growth. This belongs to the shareholders.
500

List 9 different stakeholders interested in the financial account of a company.

Shareholders, Managers, Employees, Customers, Suppliers, The government, Competitors, The local community,

500

What is intangible asset

Assets that are non-physical in nature. Though they do not have a physical value, they can prove to be valuable for the firm’s success

500

How many different kinds of pets did Harry have? Name them all. 

Gold fish, guppy, turtle, cat, dog, hamster, beetle, snail (9)

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