Profit and Loss Account (Byte Size) Certificate
Sponsored links
A Distance Learning Course of 1 Lesson.
Course Description:
Businesses are created with the intention of producing wealth for their owners and profit is a measure of the wealth that has been created during a particular period. Profit is generally considered to be the most important measure of business performance and the amount of profit generated by a business is reported in a profit and loss account.
In this course, we provide an understanding of the nature, form and content of the profit and loss account which is also known as the income statement. We examine the way in which profit is measured, and the way in which basic profit and loss accounts and balance sheets are prepared from a series of business transactions.
By the end of this course, you should be able to:
* explain the nature and purpose of the profit and loss account
* set out the basic form of the profit and loss account and explain its relationship with the balance sheet
* explain the major conventions underpinning the profit and loss account
* explain the major principles involved in the measurement of profit
* prepare a profit and loss account and a balance sheet from basic transactions
* set out profit and loss statements in an appropriate form.
| Delivery: |
|
| Category: |
Further Details
Course Syllabus:
Section 1: Introduction to the Profit and Loss Account
1.1 The Measurement of Profit
1.2 Relationship Between Profit and Loss Account and Balance Sheet
1.3 Forms of Revenue and Expense
1.4 Owners' Capital and the Profit and Loss Account
Section 2: Measurement of Revenues and Expenses
2.1 The Measurement of Profit
2.2 The Matching Convention
2.3 The Accruals Convention
2.4 The Measurement of Expenses
2.5 A More Detailed Illustration
2.6 Practical Implications of Accruals Accounting for the Preparation of Final Accounts
Section 3: Form and Content of Profit and Loss Accounts
3.1 The Profit and Loss Account of Trading Businesses
Information provided is for information purposes only and no guarantees are made with regards to accuracy. It is advised that all details are checked prior to making a booking. Contents © 1999 - 2012. All rights reserved.
