time.

The balance sheet gives the present picture of the business, its assets (items owned by the firm) and liabilities (items owed by the firm).

The profit and loss account reflects operations and performance of the company during the past fiscal year. If operating costs and other expenses exceed revenue

All firms need finance to pay for running costs or to buy new premises and equipment, to develop new products and for working capital.

The cash flow is what comes from the business’ revenue/turnover after paying expenses, interests and taxes and after amortization/depreciation as well. The net profit at the end of the year is what the firm has earned; it can be retained in reserves, reinvested and/or paid as dividends to the owners or shareholders.

External finance comes from outside sources such as through borrowing (usually from banks), from private investors (owners of the firm, venture capitalists etc) or government subsidies or by issuing shares on the Stock Exchange.

Bookkeeping is an essential part of auditing and accountancy running and control. It consists of keeping records of all transactions and entries, invoices/bills, payroll, bank drafts etc. thus an account/finance manager is provided with the information about financial matters (with a ‘Cash Flow statement’ and a ‘Source and application of funds’) and for preparing the firm’s annual financial reports with the ‘Balance Sheet’ and a “profit and loss account’. These accounts are presented according to various accounting standards/principles/plans which may be changing from time to time.

The balance sheet gives the present picture of the business, its assets (items owned by the firm) and liabilities (items owed by the firm).

The profit and loss account reflects operations and performance of the company during the past fiscal year. If operating costs and other expenses exceed revenue t

f the year is what the firm has earned; it can be retained in reserves, reinvested and/or paid as dividends to the owners or shareholders.

External finance comes from outside sources such as through borrowing (usually from banks), from private investors (owners of the firm, venture capitalists etc) or government subsidies or by issuing shares on the Stock Exchange.

Bookkeeping is an essential part of auditing and accountancy running and control. It consists of keeping records of all transactions and entries, invoices/bills, payroll, bank drafts etc. thus an account/finance manager is provided with the information about financial matters (with a ‘Cash Flow statement’ and a ‘Source and application of funds’) and for preparing the firm’s annual financial reports with the ‘Balance Sheet’ and a “profit and loss account’. These accounts are presented according to various accounting standards/principles/plans which may be changing from time to time.

The balance sheet gives the present picture of the business, its assets (items owned by the firm) and liabilities (items owed by the firm).

The profit and loss account reflects operations and performance of the company during the past fiscal year. If operating costs and other expenses exceed revenue

ubsidies or by issuing shares on the Stock Exchange.

Bookkeeping is an essential part of auditing and accountancy running and control. It consists of keeping records of all transactions and entries, invoices/bills, payroll, bank drafts etc. thus an account/finance manager is provided with the information about financial matters (with a ‘Cash Flow statement’ and a ‘Source and application of funds’) and for preparing the firm’s annual financial reports with the ‘Balance Sheet’ and a “profit and loss account’. These accounts are presented according to various accounting standards/principles/plans which may be changing from time to time.

The balance sheet gives the present picture of the business, its assets (items owned by the firm) and liabilities (items owed by the firm).

The profit and loss account reflects operations and performance of the company during the past fiscal year. If operating costs and other expenses exceed revenue

nancial matters (with a ‘Cash Flow statement’ and a ‘Source and application of funds’) and for preparing the firm’s annual financial reports with the ‘Balance Sheet’ and a “profit and loss account’. These accounts are presented according to various accounting standards/principles/plans which may be changing from time to time.

The balance sheet gives the present picture of the business, its assets (items owned by the firm) and liabilities (items owed by the firm).

The profit and loss account reflects operations and performance of the company during the past fiscal year. If operating costs and other expenses exceed revenue

time.

The balance sheet gives the present picture of the business, its assets (items owned by the firm) and liabilities (items owed by the firm).

The profit and loss account reflects operations and performance of the company during the past fiscal year. If operating costs and other expenses exceed revenue the balance shows a deficit instead of a profit.