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1. Why should Public limited companies publish their accounts?

2. How is gross profit (before tax) calculated?

3. What is the difference between debtors and creditors?

4. What is the purpose of a Profit & Loss account?

5. How are cost of sales calculated?

6. What are liabilities?

7. What is working capital and why is it important for a company to have a positive working capital?

8. Why does a business calculate a break even point?

9. How do you calculate working capital?

10. How is nett profit calculated?

11. What is the purpose of a balance sheet?

12. What are current assets and give three examples?

13. What are the two main costs that need to be managed by budget?

14. What are fixed assets and give three examples?

15. Why is it important for a company to closely monitor their variances?

16. What is the difference between fixed and variable costs? Give for each type two examples

17. What is the purpose of a balance sheet?

Another word for sales is revenue

1. True
2. False
3. I don't know