Sole Traders
Visão Geral
A sole trader is the simplest form of business: one person owns it, runs it, keeps the profit and carries the risk. At the end of every financial year that owner needs to answer two plain questions. How much profit did the business make this year, and what is it worth right now? The income statement answers the first, the statement of financial position answers the second, and learning to build both cleanly is the single most examined skill in Cambridge IGCSE Accounting.
In this lesson you will prepare a full income statement from a trial balance, splitting it into the trading section that produces gross profit and the profit and loss section that produces the profit for the year. You will then lay out a statement of financial position in the proper vertical order, dealing with the adjustments examiners love to slip in: depreciation, accruals and prepayments, irrecoverable debts and goods taken by the owner. Every figure here ties together, so you can see exactly how one adjustment ripples through the whole set of statements.
Objetivos
- the advantages and disadvantages of operating as a sole trader.
- how a sole trader can be a trading, service, manufacturing business or a combination of these.
- the importance of preparing statements of profit or loss and statements of financial position.
- how to prepare statements of profit or loss for trading, service, manufacturing businesses, or businesses which are a combination of these.
- the importance of producing statements of financial position to record assets and liabilities on a specified date.
- how to define the content of a statement of financial position: non-current assets, intangible assets, current assets, current liabilities, non-current liabilities and capital.
- the effect of a change in an account balance on other account balances in the financial statements.
- how to prepare statements of financial position for trading, service, manufacturing businesses, or businesses which are a combination of these.
- how to make adjustments for accumulated depreciation using the straight line, reducing balance and revaluation methods.
- how to make adjustments for accrued and prepaid expenses and accrued and prepaid income.
- how to make adjustments for irrecoverable debts and allowance for irrecoverable debts.
- how to make adjustments for drawings: goods and other assets taken by the owner, owner’s private expenses paid by the business.
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Nota de Aula
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Avaliação da Lição
Parabéns por concluir a lição em Sole Traders. Agora que você explorou o conceitos e ideias-chave, é hora de colocar seu conhecimento à prova. Esta seção oferece uma variedade de práticas perguntas destinadas a reforçar sua compreensão e ajudá-lo a avaliar sua compreensão do material.
Irá encontrar uma mistura de tipos de perguntas, incluindo perguntas de escolha múltipla, perguntas de resposta curta e perguntas de redação. Cada pergunta é cuidadosamente elaborada para avaliar diferentes aspetos do seu conhecimento e competências de pensamento crítico.
Use esta secção de avaliação como uma oportunidade para reforçar a tua compreensão do tema e identificar quaisquer áreas onde possas precisar de estudo adicional. Não te deixes desencorajar pelos desafios que encontrares; em vez disso, vê-os como oportunidades de crescimento e melhoria.
- Which item is deducted from gross profit to help arrive at the profit for the year? A. Revenue B. Closing inventory C. Wages D. Capital Answer: C
- A trader has opening inventory $5,000, purchases $40,000 and closing inventory $7,000. What is the cost of sales? A. $38,000 B. $42,000 C. $45,000 D. $52,000 Answer: A
- Revenue is $90,000 and cost of sales is $54,000. What is the gross profit? A. $36,000 B. $54,000 C. $90,000 D. $144,000 Answer: A
- Where do trade payables appear in the statement of financial position? A. Non-current assets B. Current assets C. Current liabilities D. Capital Answer: C
- Opening capital is $50,000, profit for the year is $18,000 and drawings are $12,000. What is the closing capital? A. $44,000 B. $56,000 C. $62,000 D. $80,000 Answer: B
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Livros Recomendados
Para aprender mais, fontes abertas
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Secção do manual
Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
"Principles of Accounting, Volume 1: Financial Accounting: Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate" by OpenStax, OpenStax, Rice University, licensed under CC BY-NC-SA 4.0 (https://creativecommons.org/licenses/by-nc-sa/4.0/). Source: https://openstax.org/books/principles-financial-accounting/pages/2-1-describe-the-income-statement-statement-of-owners-equity-balance-sheet-and-statement-of-cash-flows-and-how-they-interrelate. Access for free at https://openstax.org/books/principles-financial-accounting/pages/1-introduction
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Secção do manual
Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
"Principles of Accounting, Volume 1: Financial Accounting: Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries" by OpenStax, OpenStax, Rice University, licensed under CC BY-NC-SA 4.0 (https://creativecommons.org/licenses/by-nc-sa/4.0/). Source: https://openstax.org/books/principles-financial-accounting/pages/4-2-discuss-the-adjustment-process-and-illustrate-common-types-of-adjusting-entries. Access for free at https://openstax.org/books/principles-financial-accounting/pages/1-introduction
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