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Unit 7 P3 and P5

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Submitted By PeteXD
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P3 Use accounting data and statistical information to measure business performance.

Monitoring a business current performance is very important due to the fact that it helps to keep the business stable. An organisations previous years data or information on sales income and costs is very essential to monitor the current performance of a business. Historical information of a business sales income and costs tells the business the amount of income they have acquired and the total amount of their expenses in previous years. This information helps monitor the current performance of a business so that they could use previous information to compare the different data’s. There are three main data’s that are very essential when monitoring business performance and assessing its success:

• Balance sheet is a financial business document which provide information of the business assets and debts, it shows what the business owns and what it owes through the date listed. Balance sheet helps to assess the business performance as it is used to track the spending and earnings of the business. Balance sheet informs the business about its financial standing. Balance sheet helps the business to assess their performance as it examines the business assets and its debt. Balance sheet assess whether the business is financially capable to pay its debts or not. Balance sheets shows If the business has more debts than their assets. Using Balance Sheet businesses are able to improve their financial health as they will be able to identify if they have more debts than their assets.

• Income statement is a detailed information of a business financial account; it tells you the profitability of a company during a certain period of time. In the income statement it provides the company information of the different incomes that they are acquiring and the different expenses that they have.

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