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Accounting
Junior Cert Accounting
Term | Definition |
---|---|
Net Profit | Profit after expenses have been subtracted |
Gross Profit | Profit before expenses have been subtracted |
Reserve | Is part of the profit left after the dividend has been paid |
Dividends | Part of the profit given to the shareholders |
Carriage In | Cost of getting supplies in |
Carriage Out | Cost of Delivering your good to the customers |
Fixed Assets | assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as buildings and equipment |
Current Assets | cash and other assets that are expected to be converted to cash within a year. e.g. cash on hand and closing stock |
Current Liabilities | amounts due to be paid. e.g. Bank Overdraft |
Financed By | How money is raised to finance the business. e.g. Issued shared capital and Reserve |