Income Statement - Records all the income and expenses of a business over a period in the past, Statement of Financial Position - Records all the assets and liabilities of a business i.e. what the business owns and owes in the future., Carriage Inwards - Delivery charges paid on the goods you purchased, Carriage Outwards - Delivery charges on the goods you sold, Debtors - Customers that owe you and will pay you next year, Creditors - Suppliers that you owe and will pay next year, Cash on hand - Cash (Money) that you had on the premises at the end of the year and will use next year, Gross Profit - Profit before expenses (Sales - Cost of Sales), Net Profit - Profit after expenses (Gross Profit - Expenses), Fixed Assets - Assets the business will own for more than 5 years, Current Assets - Items owned or owed to the business, which can be collected within 1 year, Current Liabilities - Money owed by the business, which will be paid within 1 year, Financed by (Long Term Liabilities) - Money that used to finance the business in the long term, Fixtures and Fittings - Long term shelves and furniture , Working Capital - Current Assets - Current Liabilities,

Final Accounts Key Terms

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