Level 3 Advanced Bookkeeping Formulas 0.0 / 5 ? AccountingAdvanced Bookkeeping Formulas OtherOther Created by: izzyanderson123Created on: 02-06-19 10:59 What is the accounting formula? Assets - liabilities = equity + profit 1 of 12 What is the formula for profit? Income - expenses = profit 2 of 12 What is the formula for net worth? Equity + profit = net worth 3 of 12 What is the formula for net assets? Non current assets + net current assets - non current liabilities = net assets 4 of 12 What is the formula for straight line depreciation? Cost - residual value / useful economic life 5 of 12 What is the formula for net book value? Cost - depreciation charged to date 6 of 12 How do you know if you have a profit on disposal? Proceeds > net book value 7 of 12 How do you know if you have a loss on disposal? Proceeds < net book value 8 of 12 What is the formula for cost of sales? Opening inventory + purchases - closing inventory 9 of 12 How to you know if your VAT is payable to HMRC? Output VAT > input VAT 10 of 12 How do you know if VAT is reclaimable from HMRC? Input VAT < output VAT 11 of 12 What is the formula for units of depreciation? Cost / amount made x units in a year 12 of 12

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