Statement Of Comprehensive Income Flashcards
1
Q
Revenue
A
Unit price x Quantity sold
2
Q
Gross Profit
A
Sales revenue - Costs of goods sold
3
Q
Cost Of Goods Sold
A
Opening Inventory + Purchases - Closing inventory
4
Q
Profit / Loss For The Year
A
Gross profit - Expenses + Other income
5
Q
Net Book Value
A
Cost - Depreciation
