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Higher Business Managment (Prelim) ✍🏼️ > Finance- Financial Terms > Flashcards

Flashcards in Finance- Financial Terms Deck (4)
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Trading account (income statement)

Provides a summary of the business's trading activity during the financial year


Sales (income statement)

Monies that the business has revived from selling goods and/ or services


Revenue (income statement)

The value of the business's sales less the value of any returns


Cost of sales (income statement)

The cost of the sales is added to the business i.e. Before a sales or profit margin is added