Profit and Loss Accounts

Stuart Smith
Flashcards by Stuart Smith, updated more than 1 year ago
Stuart Smith
Created by Stuart Smith almost 6 years ago
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GCSE Business (Unit 8 Finance) Flashcards on Profit and Loss Accounts, created by Stuart Smith on 02/10/2014.
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Profit and Loss Acount This is a financial statement that allows the business to calculate retained profit. It is split into three sections
Section 1: Trading Account The Trading Account calculates the gross profit. (All income from sales of products - cost of sales relating to the product)
Section 2: Profit and Loss Account The P & L calculates net profit. (Gross Profit Total -Operating Costs)
Section 3: Appropriation Account This section calculates the net profit. (Net profit – tax and dividends)
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