Chapter 21- Profit and loss Flashcards
1
Q
whats the profit and loss account
A
shows the income the business recieved during a trading period
2
Q
gross profit
A
the profit business makes once variable costs have been deducted
3
Q
operating profit
A
the profit a business makes once fixed costs have also been deducted
gross-fixed
4
Q
net profit
A
operating-tax