Business BTEC - Unit 3 - Learning Aim C

Purposes of accounting an organization - correct answer - Needs to be Recorded - Management of Business - Compliance - Measuring Performance - Control double-entry bookkeeping - correct answer the practice of writing every business transaction in two places Where are income and expenses summarised? - correct answer Profit and Loss Statement Where are assets and liabilities summarised? - correct answer Balance Sheet Revenue Income - correct answer Income that is related to the day to day trading of the organization. Capital Income - correct answer Income that is generated by an asset over time, rather than from its use. Capital and Revenue Expenditure - correct answer Money that is going out of the business. Revenue Expenditure - correct answer Expenditure that is related to the day to day trading of the organization. Capital Expenditure - correct answer Expenditure that is related to the purchase of long term assets. tangible assets - correct answer Those assets that can be appraised by value or seen or touched