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

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2
Q

gross profit

A

the profit business makes once variable costs have been deducted

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3
Q

operating profit

A

the profit a business makes once fixed costs have also been deducted
gross-fixed

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4
Q

net profit

A

operating-tax

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