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JC Profit and Loss
Calculating the profit after any other income and expenses have been considered
| Question | Answer |
|---|---|
| Dividends | The portion of net profit given to shareholders. It is calculated as a % of Issued Share Capital. |
| Overheads | Another name for expenses, incurred by a business when selling goods or services. Eg Wages, Light & Heat, Insurance |
| Net Loss | This happens when expenses are greater than Gross Profit. |
| Net Profit | This happens when expenses are less that Gross Profit. |
| Carriage Out | The cost of delivering goods to customers. |
| Gains | Additional income earned by the business other than sales income. Examples Rent received, commission and interest received. |
| Profit & Loss Account | The account that calculates the net profit or net loss of the business after adding gains and subtracting expenses. |
| Appropriation Account | A continuation of the P & L Account, it shows how the net profit is divided up into dividends and reserves. |
| Reserves- Retained Profit | The portion of net profit that is retained by the business. |
| Discount | This is something that reduces the price of a good. |
Created by:
ms.scahill
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