Titlebook: Business Accounting; Jill Hussey,Roger Hussey Textbook 1999Latest edition Jill Hussey and Roger Hussey 1999 accounting.capital.costing.Dis

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The Accounting Systemusiness needs to establish an .. The nature of the system depends on the type of business and the size of the organisation, but there are common features since procedures must be established to allow all financial transactions to be recorded. These procedures involve raising ., such as invoices, pur

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The Trial Balancecredit balances in the other. The sum of these two columns should be the same. As the name implies, a trial balance is a test to see whether the double-entry bookkeeping system has been maintained accurately and the debit and credit totals balance. If they do not balance, checks must be made to iden

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The Profit and Loss Account of a Sole Tradermust be drawn up. A profit and loss account is a financial statement that shows the financial performance of the business over a period of time. It does not show the movements of cash; as you know from Chapter 3, a cash flow statement does that.

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The Balance Sheet of a Sole Traderrs are interested in its . at a particular moment in time; in other words, a snapshot of what the business owns and what it owes at a particular date. The . is a financial statement which shows the financial position of the business on a particular date at the end of a financial period. This may be

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The Final Accounts of a Sole Trader balance can be drawn up from the accounting records of a business and explained the purpose and content of the profit and loss account and balance sheet. We are now at the stage where we can draw up the . from the trial balance. The final accounts are the . and the .. This is a crucial stage in the

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The Accounts of a Partnership doctors and dentists. As its name implies, a sole trader business has only one owner, but a partnership is a larger business because it has two or more owners. However, like the sole trader, the partners have unlimited liability and in this respect both differ from limited companies.

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Financial Reporting by Limited Companiesport on their financial progress and position. For sole traders and partnerships the circulation of these reports is usually restricted to the owners of the business and those with a direct interest, such as the bank and the Inland Revenue. However, the financial reports of limited companies are pub

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The Financial Statements of a Limited Companynerships, mainly because the former are more likely to be undertaking activities which are regulated by accounting standards. We start by considering the . and . of limited companies, both of which are required by company legislation. We then go on to look at the . and the ., which are required by a

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