describe what profit and loss accounts are. PROFIT AND LOSS ACCOUNT By law business are required to provide annual financial statements‚ which will appear in their company report‚ there are two main types of financial statements‚ one is balance sheet and the other is a profit and loss account. A profit and loss account is a record which can be updated regularly and generally shows businesses transactions made over a period of time (usually within 12 months)‚ An example profit and loss account
Premium Balance sheet Generally Accepted Accounting Principles Income statement
CHAPTER ONE PRINCIPLES OF PERSONNEL MANAGEMENT HUMAN RESOURCE DEPARTMENT AND ITS BASIC FUNCTIONS For any organization‚ staff or men power is the most valuable asset.. In the modern age where computers and information technology have brought revolutionary changes in the progress and performance‚ human resource factor’s importance has become imperative. Many years ago large organizations had no separate department for staff matters and Personnel & Admin Department was doing the job. But recently
Premium Management Organization Organizational structure
P5 – Profit & Loss and Balance Sheet Profit and Loss Sheet: | |£ |£ | |Sales: | |80‚000 | | | | | |Less Cost of Sales: | | | |Opening stock |32‚000 | | |Purchases |6‚000 | | |Less Closing stock
Premium Generally Accepted Accounting Principles Balance sheet Inventory
CHAPTER 9 PROFIT PLANNING AND BUDGETING Questions‚ Exercises‚ Problems‚ and Cases: Answers and Solutions 9.1 See text or glossary at the end of the book. 9.2 A cost center is a responsibility center in which management is responsible only for costs. In a profit center‚ management is responsible for both costs and revenues. 9.3 An investment center is a responsibility center in which management is responsible for managing costs‚ revenues‚ and assets. A profit center is not responsible
Premium Variable cost Budget Costs
WEYMOUTH STEEL CORPORATION Weymouth Steel Corporation is currently in the sort of dilemma which may turn into a disaster for the company. However‚ given the situation if the top management is able to inspire its employees (who survive this downsizing) with a vision and hope for the rejuvenation of the company; this dilemma can easily become a pivotal time for its success. Once the bad news is broken and the downsizing process starts‚ stress is inevitable; for both the employees who will be terminated
Premium Salary Termination of employment Good and evil
552. CHAPTER 5GROSS INCOME: EXCLUSIONS Question MC #1 The taxpayer’s marginal tax bracket is 25%. Which would the taxpayer prefer? a. $1.00 taxable income rather than $1.00 tax-exempt income. *b. $.80 tax-exempt income rather than $1.00 taxable income. c. $1.25 taxable income rather than $1.00 tax-exempt income. d. $1.30 taxable income rather than $1.00 tax-exempt income. e. None of the above. 553. CHAPTER 5GROSS INCOME: EXCLUSIONS Question MC #2 Cash received by an individual: a. Is not
Premium Taxation in the United States Life insurance Income tax in the United States
The Complete Steel Making Process Steel Plant 1. The Scrap to Steel Billet Process How we make our steel is a real kiwi recycling success story. The following outline is to help you to understand the scrap to steel making part of our business. All our scrap is sourced locally and is sorted and shredded on our behalf by Sims Pacific Metals – conveniently located next door to us‚ their biggest customer. The scrap is placed in piles in our yard‚ depending on its grade and size. The scrap is then
Premium Steelmaking Steel Pig iron
February 26th‚ 2012 English 50 Response to Ian Frazier’s “In Praise of Margins” In Ian Frazier’s essay‚ “In Praise of Margins”‚ according to Frazier “Marginal” activates and places are valuable when you’re a child. Frazer defines marginal people‚ places‚ and activates as the ones that don’t quite work out‚ don’t sufficiently account for themselves in the economic world. Frazier gives example in his essay to that idea‚ showing his disconnection to his childhood now that he’s an adult. His first
Premium Adult Activity Happiness
Stainless Steel Comparison 302 AISI 302 is the most basic type of steel in the chromium-nickel group. It is an austenitic steel‚ which is used for chemical resistance and hardenable by cold work. It contains 18% chromium and 8% nickel. It has corrosion resistance to mild-atmospheric and fresh water‚ industrial atmospheric‚ marine atmospheric‚ mild chemical and oxidizing chemical environments. Type 302 is also highly resistant to gasoline. 303 AISI 303 is an austenitic steel in the chromium-nickel
Premium Stainless steel Steel Austenite
According to dictionary.com‚ a steel pan is a percussion instrument originating in Trinidad‚ made out of an oil drum with one end beaten down and divided by grooves into sections to give different notes. Though steel pans (steel drums) were created on the Caribbean island of Trinidad in the 1930s‚ the steel pan history can be traced back to the enslaved Africans who were brought to the island during the 1700s. They carried with them elements of their African culture including the playing of hand
Premium Musical instrument Drum