Overview of Partnerships (Grade 11 NSC Matric Accounting): Flashcards

To make a profit

Checkpoint ensuring debits=credits before final statements

Whether business made profit or loss during period

Financial position at period end (what business owns/owes)

(Sales - Debtors allowances) - Cost of sales

Gross profit + Income - Expenses

Amount business owes to its owner

Corrections to accounts at period end per GAAP

Expenses matched to period they helped generate income

Assets = Owner's Equity + Liabilities