Statement Of Comprehnsive Income Flashcards
1
Q
Revenue
A
Unit price x quantity sold
2
Q
Gross profit
A
Sales revenue - costs of goods sold
3
Q
Costs 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
