Finance- Financial Terms Flashcards Preview

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

Flashcards in Finance- Financial Terms Deck (4)
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1

Trading account (income statement)

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

2

Sales (income statement)

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

3

Revenue (income statement)

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

4

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