F1 Statement of comprehensive income Flashcards
1
Q
what is a satement of comprehensive income?
A
a formal financial document that summarises a business’ trading activities and expenses to show whether profit or loss was made.
2
Q
what is gross profit?
A
profit after cost of sales has been deducted and before expenses.
3
Q
what is cost of goods sold?
A
the direct costs of raw materials or stock purchased to produce the goods and services
4
Q
what is operating profit?
A
a firms peofit after all other expenses have been deducted
