Unit 6 – section 6.1 Preparing financial statements of an e

_________________is the total amount of money a business makes after selling their products and services

• data

• Revenue i

• profit

• income

Data is _________________________________

• Revenue is the total amount of money a business makes after selling their products and services

• loss

• The information about the business’s customers and financial records

• income

The bills a business pays to make sure that it continues to run successfully and does not have any debts. For example, rent, electricity, employees

• assets

• expenses

• liabilities

• profit

The amount of money a business has left over after paying all its expenses

• loss

• profit

• income

• expenses

A business makes a ___________ when their expenses are more than their revenue

• profit

• loss

• expenses

• assets

An______________________ shows how a business spends money after looking at the profit and loss accounts. For example, paying investors, salaries

• expenses

• data

• profit

• Appropriation

  account

A ________________ shows the calculations of how much profit or loss a business made over a specific time. It subtracts all of the expenses from the sales revenue. It is usually for one year. It shows sales, costs, and profit.

• statement of comprehensive income

• profit

• loss

• expenses

Something a business owes ________________because if it not paid it can lead the business to close or being taken to court. For example, Bank debt. Mortgage debt, Money owed to suppliers Wages owed.

• profit

• liabilities

• loss

• income

_____________________shows the value of the business by displaying the difference in the total amount of assets and liabilities

• income

• assets

• data

• The statement of financial position

_____________________are items of value that your business owns. For example, car, offices, computers, office furniture

• income

• assets

• profit

• loss