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Final Accounts
Question | Answer |
---|---|
Opening Stock | The cost of goods held in stock at the beginning of the financial year. This may be stock of finished goods and/or raw materials |
Purchases | The cost of goods bought during the year. These goods are bought with the specific intention of reselling them. |
Sales | The value of the goods sold by the business |
Carriage Inwards | The cost of having purchases delivered to the business. |
Customs duty | This is the tax paid on purchases delivered from countries outside the EU. |
Closing Stock | This is the value of goods held in stock at the end of the financial year. This may be stock of raw materials and/or finished goods |
Cost of Sales (Cost of goods sold) | This is the cost to the business of selling the goods that were actually sold during the trading period. |