Introduction to Accounts and How to use them
A useful paper which provides an introduction to accounts, the terminology that is used and the type of financial information that loss adjusters can expect to obtain from commercial policyholders.
The basic principles of costings are outlined, including direct or indirect costs, fixed, variable or semi variable costs and standard costing systems. The paper also sets out a profit and loss account and balance sheet, explaining terms such as turnover, cost of sales, gross profit, overheads, assets and liabilities. The accounting requirements for different types of business are discussed and the requirements of the Companies Act are outlined.
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