Statement Of Comprehensive Income Flashcards
1
Q
Cost of goods sold
A
Opening inventories + purchases - closing inventories
2
Q
Gross profit
A
Sales turnover - cost of goods sold
3
Q
Net profit
Profit or loss for the year
A
Gross profit - expenses + other income
4
Q
Net profit after tax
A
Net profit - tax
5
Q
Straight line depreciation
A
(Historic value - residual value) ÷ expected life
6
Q
Reducing balance depreciation
A
Historic value - depreciation (% figure)
