Financial Statemetnts

What are some operating expenses?

Rent, wages/salary, utilities, depreciation

What are some non-current liabilities?

Long term bank loans (minus the repayments)

What are some current liabilities?

Expenses owing and accounts payable

What are some current assets?

Cash, accounts receivable, prepaid expenses, bank balance, inventory

What are some non-current assets?

Buildings, land, machinery, vehicles and the accumulated depreciation of these non-current assets

What is found in the balance sheet?

Assets, liabilities and equity

What is found in the cash flow statement?

Operating, investing and financing cash inflows and outflows

What is found in the income statement?

Income, cost of good sold, operating expense

What goes into the income sub category: cost of goods sold

opening inventory, cash purchases, credit purchases, closing inventory

How is gross profit calculated?

Income - cost of good holds (total)

How is net profit calculated?

Gross profit - operating expenses