Trading and Loss Account Flashcards
1
Q
Main component of a trading profit and loss account
A
- The costs
- Revenue
- Balance
2
Q
Calculate net profit
A
total sales - all costs (including overhead)
3
Q
Calculate Gross Profit
A
sales - cost of goods sold
4
Q
calculate net profit margin
A
Net profit / revenue x 100
5
Q
Net profit / revenue x 100
A
Net profit / revenue x 100
