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

Gemma Lynns Catering Services - Term Paper object lessonThe composition will be divided accordingly The first section of the report will plow the principles of bookkeeping and accounting, giving an understanding as to why financial statements are important and how Gemma washbasin utilisation these financial statements to aid her in decision making. It will also answer the Gemmas first question regarding her profits. The uphold part of the report will discuss Gemmas business as it compares with the industry 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(prenominal) expansion. A section to coordinate the whole report will come after and provide concluding comments regarding the whole report. Gemmas catering business i s a private enterprise under bingle 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 appraise income and other legal purposes. There are at least three minimum documents needed to the right way 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 at bottom a business enterprise.The balance sheet, from which a companys assets are balanced with their liabilities, shows a snapshot of the firm at the concomitant 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.