Gemma Lynns Catering Services Term Paper Example | Topics and Well Written Essays - 3000 words

Gemma Lynns Catering Services - Term Paper ExampleThe survey will be divided accordingly The first piece of the report will discuss the principles of bookkeeping and accounting, giving an understanding as to why financial statements are important and how Gemma can use these financial statements to precaution her in decision making. It will also answer the Gemmas first question regarding her profits. The second set off of the report will discuss Gemmas stock as it compares with the persistence figures. Based on the figures, the report will also indicate the areas in her business that require improvements and provide suggestions on how these can be improved. The third part of the report will discuss Gemmas plans for expansion and provide suggestions on how profitability can be ensured during and after expansion. A section to coordinate the whole report will come after and provide concluding comments regarding the whole report. Gemmas catering business is a private enterprise unde r single proprietorship. Even though this does not obligate her to publish her accounts, it does not exclude her from having to document her financial records for taxation and other legal purposes. There are at least lead minimum documents needed to properly audit her companys finances. Among these are the balance sheet, the income statement, and the cash flow statement, each of which has a specific purpose within a business enterprise.The balance sheet, from which a companys assets are balanced with their liabilities, shows a snapshot of the firm at the particular point in time(Blandon, 2001). It contains important information such as the companys assets (cash in the bank, stock, debtors, and fixed assets), liabilities (creditors, tax payables, other types of liabilities such as long-term loans), and net worth.