Statement of comprehensive income Flashcards
1
Q
Cost of goods sold =
A
opening inventories + purchases - closing inventories
2
Q
Sales Revenue =
A
quantity sold x selling price per unit
3
Q
Gross Profit =
A
Sales revenue - cost of goods sold
4
Q
Net profit before tax =
A
Gross Profit - Total expenses
5
Q
Straight line depreciation =
A
(historical cost - residual value) / expected value
6
Q
Reducing Balance depreciation =
A
value of item - % per year
