The Statement Of Profit Or Loss Flashcards
1
Q
What is the statement of profit or loss?
A
Shows the result from trading (gross profit) together with the other income and expenditure and calculates the profit or loss that business has made.
2
Q
What is revenue?
A
Value of units sold
3
Q
What are expenses?
A
The value we have already used from the asset, what has been used incurred or used up in the period in order to generate income.
