QUESTION 6: Answer the following questions regarding the key functions of financial management software.

CASE STUDY: Priya is running a retail business selling products via a bricks-and-mortar site and online. She needs to manage inventory, point-of-sale, and payroll and would like a cloud-based system to allow work on financial planning and management to be undertaken at the warehouse, in the retail space and at home on a variety of devices.

6C) Answer the following questions regarding the processes to establish and review profits and losses from financial statements. Why is it important that Priya reviews profits and loss from financial statements? What financial information does the profit and loss statement record? (Within 40-60 words)

6d) Answer the following questions regarding the processes to establish and review profits and losses from financial statements. When analysing profit and loss statements, what are two financial ratio calculations that can be used to analyse profit? Include the calculation in your answer.