Role of Accounting

Keeping ................. accurate and up to date is important for the smooth running of the business.

• Lists

• Records

• Laws

• Funds

This is the amount of profit left after the cost of producing the good or service is deducted from the amount of sales revenue.

• Net profit

• Gross profit

• Value owed to the business

• Value owned by the business

This is the smaller amount of profit made after all other expenses are deducted from gross profit.

• Value owed to the business

• Value owed by the business

• Gross profit

• Net profit

This is a large loan usually used to buy property.

• Shares

• Mortgage

• Debenture

A fixed .............. is something that is owned by a business for a medium to long term.

• Liability

• Profit

• Asset

• Loan

This is when you own a small piece of a business.

• A share

• A mortgage

• A loan

• Debenture

This is when money is received from the day to day ............... or activities of the business.

• Sales

• Loan

• Discount

• Rent

This is when you receive a discount from a supplier.

• Interest received

• Sales

• Discount received

• Commission received

A business may sell products as an agent for another business, the receive a % of sales, this is known as...........

• Discount received

• Commission received

• Interest received

• Sales

What is revenue income usually used for?

• Used for buying stock, paying wages, paying bills etc

• Buying fixed assets.