Business- profit and loss accounts

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What does the profit and loss account show?
Shows a business' financial performance over a period of time.
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How to calculate gross profit?
Sales turnover- cost of sales
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How to calculate net profit?
Gross profit- expenses.
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What is a start-up cost?
Cost that a business has to cover when it first set up, it is only paid for once.
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What is a running cost?
A cost that a business must pay regularly
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Other cards in this set

Card 2

Front

Sales turnover- cost of sales

Back

How to calculate gross profit?

Card 3

Front

Gross profit- expenses.

Back

Preview of the back of card 3

Card 4

Front

Cost that a business has to cover when it first set up, it is only paid for once.

Back

Preview of the back of card 4

Card 5

Front

A cost that a business must pay regularly

Back

Preview of the back of card 5

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