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Final accounts - Coggle Diagram
Final accounts
Balance sheet
is one of the annual financial statements that all limited- liability companies are legally required to produce for auditing purposes.
Asset
tems of monetary value that are owned by a business,
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Equity
Retained earning
Retained earnings are the total amount of accrued
profit after interest, tax and dividends have been paid.
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Profit & loss account
This reports the revenues and expenses of a business at the end of a specified accounting period.
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Depreciation
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Straight line method
The straight line method of calculating depreciation reduces the value of a noncurrent asset by the same value each year throughout its useful life.
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