1. Explain the accounting relationship between a business's profit & loss account and its balance sheet.

1. In no more than two lines, name a business with which you are familiar and briefly explain the type of work or activities or operations that take place. Then on the rest of the page, for that business list and describe the business information which its profit & loss account and balance sheet should provide.

1. For the business you have described, explain if you think the information provided in its profit & loss account a balance sheet is sufficient for the needs of all the people who might wish to examine the enterprise's financial position - give full reasons for your answer.