Professionally qualified people who have responsibility for keeping accurate accounts and producing the final accounts.
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Final Accounts
Produced at the end of the financial year and give details of the profit or loss made over the year and the worth of the business.
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Income Statements
A financial statement that records the income of a business and all costs incurred to earn that time income over a period of time. It is also known as a profit or loss account.
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Revenue
The income of a business during a period of time from the sales of goods or services.
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Cost of sales
Cost of producing or buying in the goods actually sold by the business during a period of time.
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Gross profit
Made when revenue is greater than the cost of sales.
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Trading Account
Show how the gross profit of a business is calculated.
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Net profit
The profit made by a business after all costs have been deducted from revenue. It is calculated by subtracting overhead costs from gross profits.
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Depreciation
The fall in the value of a fixed asset over time.
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Retained profit
The net profit reinvested back into a company, after deducting tax and payments to owners, such as dividends.
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Gross Profit Formula
Gross Profit = Revenue - Cost of sales
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Net Profit Formula
Net Profit = Gross Profit - Expenses
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Profit Formula
Revenue - Cost of making products
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Other cards in this set
Card 2
Front
Professionally qualified people who have responsibility for keeping accurate accounts and producing the final accounts.
Back
Accountants
Card 3
Front
Produced at the end of the financial year and give details of the profit or loss made over the year and the worth of the business.
Back
Card 4
Front
A financial statement that records the income of a business and all costs incurred to earn that time income over a period of time. It is also known as a profit or loss account.
Back
Card 5
Front
The income of a business during a period of time from the sales of goods or services.
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