Statement Of Comprihensive Income (profit And Loss Account) Flashcards
(7 cards)
1
Q
Revenue equation
A
Unit price x quantity sold
2
Q
Gross profit equation and pneumonic
A
Sales revenue - costs of goods sold
3
Q
Costs of goods sold equation and pneumonic
A
Opening inventory + purchases - closing inventory
4
Q
Profit/loss for the year equation and pneumonic
A
Gross profit - expenses + other income
5
Q
Net book value equation
A
Cost - depreciation
6
Q
Net profit equation
A
Gross profit - expenses
7
Q
Operating profit equation
A
Gross profit - expenses
