Cambrige Notes: Terms used in the Trading and Profit and Loss account/Income Statement
Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Terms used in the Trading and Profit and Loss account/Income Statement
Gross profit
- is the excess of sales over the cost of goods sold
- If the amount of cost of goods sold is more than the amount of sales the result is a gross loss
- Gross profit is found in the Trading […]