Save
Busy. Please wait.
Log in with Clever
or

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever
or

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Trading Account

TermDefinition
Trading Account The purpose of this account is to find out if the business made a gross profit or gross loss while trading
Trading Period Refers to the year the accounts are made for
Gross Profit This is the difference between sales and the cost of actual sales, if sales are greater than the cost of sales
Gross Loss This is the difference between sales and the cost of actual sales, if the sales are less than the cost of sales
Net Sales True value of sales, i.e. sales less sales returns
Net Purchases True value of purchases, i.e. purchases less purchases returns
Sales The goods sold by the business
Purchases The goods bought by the business, which they intend to sell
Sales Returns The goods that were returned to the business, sometimes known as returns inwards
Purchases Returns The goods returned by the business to its suppliers, also known as returns outwards
Customs Duty The tax or duty paid on goods imported from non-EU countries, also known as import duty
Import Duty Another name for Customs Duty
Carriage Inwards The cost of collection of goods purchased from the supplier
Cost of Sales The figure subtracted from net sales to get Gross Profit (or Loss)
Opening Stock The stock left over from the previous years' trading, is known as this at the start of the next trading period
Closing Stock The stock left at the end of the Trading Period. This figure is calculated by stock-taking.
Popular Accounting sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards