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Profit & Loss A/C
chapter 40 page 349 Eurobusiness
Question | Answer |
---|---|
The Profit & Loss account | records the selling, distribution and administration expenses involved in running a business as well as any gains received from non-trading activity. |
Net Profit/Loss | Gross Profit+Gains-Expenses |
Carriage Outwards | transport costs incurred in delivering the goods from the firm to their customers. |