1 Flashcards
1
Q
Gross profit =
A
Sales - cost of sales
2
Q
Net profit =
A
Gross profit - expenses
3
Q
Non current asset
A
Sometimes called fixed assets expected to be there for long term use eg property also takes longer to convert them to cash
4
Q
Current asset
A
Expected to be turned into cash or sold within companies normal operating cycle eg inventory , trade receivables , prepayments , cash
