Purpose of accounting 0.0 / 5 ? BusinessFinanceBTEC NationalAQA Created by: PenMoonCreated on: 14-10-21 18:08 What are the five purposes of accounting? -Recording transactions. -Management of business. -Compliance. -Measuring performance -Control. 1 of 5 What is gross profit? Gross profit is what the business makes after subtracting the coasts made from manufacturing and selling products. 2 of 5 What is the formula for finding out what the gross profit is? = revenue - profits made by selling products and services. 3 of 5 What is net profit? Net profit is calculated by subtracting the expenses from the revenues. 4 of 5 Name 1 drawback to recording financial transactions? -It can be costly -It can be time consuming. 5 of 5
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