Summary
Summary Business Income Statements
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Typed out summary of IGCSE business in colour section 5 finance
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Business igcse (0450)Income Statements
What are accounts and why do we need them
Þ Financial records of a business are called accounts. They
need to be kept up to date with great accuracy. And this is
all the responsibility of the accountants, who works in the
finance department.
Þ At the end of a financial year, the accountant will produce
final accounts of the business. These contain the main
financial results over the year and their current worth of
the business.
Þ limited companies are required to publish their accounts.
There are many transactions each year in a business, and it will
be very difficult to write on every single one of them. That's why
everything is now on the computer. It makes it very accurate,
and it allows you to keep it up to date.
Profit is the main objective of a business.
Þ Profit = Revenue - Cost of making products
Þ If the cost of making products exceeds the revenue, then
you have made a loss in the business.
Þ Profit can be increased by.
Þ Increasing revenue by more than cost.
Þ Reducing the cost of making products.
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