Chapter 41 : final accounts

Question 0

Purchases

Answer 0

The cost of goods purchased

Question 1

Sales

Answer 1

The value of goods sold

Question 2

Sales return

Answer 2

The value of goods sold that we’re returned to the firm

Question 3

Purchases returns

Answer 3

The cost of goods purchased that we’re returned to the firm

Question 4

Opening stock

Answer 4

The cost of goods held in stock at the start of the period

Question 5

Closing stock

Answer 5

The cost of goods held in stock qt the end if the period

Question 6

Cartage inwards

Answer 6

Transport costs of bringing goods into the factory

Question 7

Import

Answer 7

Any taxes the firm had to pay on goods try purchased from certain other countries