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Accounting T2 Y11

QuestionAnswer
What is the purpose of statement of profit or loss? The purpose of the statement of profit or loss is to report how successful a business has been during the year.
What is the purpose of statement of financial position? The purpose of the statement of financial position is to report assets and liabilities and the net worth of the business at a point in time.
What is the purpose of the statement of cash flows? The purpose of the statement of cash flows is to report the cash receipts and cash payments the business made during the reporting period.
Describe the accounting period concept The accounting period concept assumes that the life of a business is divided into arbitrary time periods.
Statement of Financial Position (Calculate) A - L = OE
Statement of Profit and Loss (Calculate) Revenue - Expenses
Explain the relationship between profit and the accounting equation The equation A-L=OE sets the foundation for double entry accounting. Profit can affect the accounting equation by increasing the owners equity or capital.
Created by: Onkesh
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