Chapter 42~The Profit & Loss Account Flashcards
1
Q
Net profit/net loss?
A
The difference between the gross profit and all the expenses of running the business
2
Q
4 ways in which a business can keep control of its expenses
A
1) record carefully in accounts
2) compare bills to see anything increasing
3) check that bills are correct
4) turn of lights/heat when not needed
3
Q
Carriage outwards?
A
The cost of transporting the goods from the firm to its customers
