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Income statement 1

Final Accounts for Junior cycle

TermDefinition
Gross Profit The profits made by an organisation before expenses are deducted
Sales The value of the goods sold during the trading period
Cost of sales The total cost of purchasing the goods sold during the trading period
Trading Period A portion of time in which a business has bought and sold goods
Carriage inwards The cost of bringing goods or materials into the business e.g shipping costs
Opening Stock The amount of stock a business has at the start of a year
Closing Stock The amount of stock a business has at the end of a year
Import / Customs duties The taxes paid for importing goods or materials from countries outside the EU
Cost of goods available for sale The total cost of all goods available for sale during the trading period
Overstocked When a business has too much stock
Understocked When a business has not enough stock for the needs and wants of individuals
Stock Control Having the right amount of goods for peoples individual needs, while avoiding the cost of having too much stock
Final Accounts Accounts that a business prepares at the end of a trading period
Is a gross profit good or bad? Gross profit is good because it means the business has made a profit
How do you calculate gross profit / loss? Sales - cost of sales
What does COS stand for? Cost of Sales
Purchases The cost of goods or materials bought during the trading period
Created by: 1941446969215169