Final Accounts
shows a firm’s status after all production costs have been subtracted from the organization’s revenues, each year. Shows status of
What is a Profit and loss account?
the movement of a business's cash going in and cash going out
What is cashflow?
Final account that shows the value of an organization’s assets, liabilities, and the owners’ investment in the business at a particular point in time.
What is a Statement of financial position
refers to cash or other liquid assets available to an organization for its daily operations.
What is Working Capital?
These are the official rights given to a business to exploit an invention or process for commercial purposes, for a limited time.
What are patents?
refers to the process of monitoring and management of debtors.
What is credit control?
refers to the value of cash held by a business at the end of a trading period (usually the final day of the month)
What is Closing balance?
The former describes a state of financial distress whereas the latter refers to a legal declaration and legal processes culminating in a conclusion.
What is the difference between insolvency and bankruptcy?