Business IGCSE Definitions to Learn S5Ch24

______________ are the financial records of a firm’s transactions.

___________ are the professionally qualified people who have responsibility for keeping accurate accounts and for producing the final accounts.

____________ are produced at the end of the financial year and give details of the profit or loss made over the year and the worth of the business.

_____________ is a financial statement that records the income of a business and all costs incurred to earn that income over a period of time (for example, one year). It is also known as a profit and loss account.

_____________ is the income to a business during a period of time from the sale of goods or services.

______________ is the cost of producing or buying in the goods actually sold by the business during a time period.

____________ is made when revenue is greater than the cost of sales

______________ shows how the gross profit of a business is calculated.

____________ is the profit made by a business after all costs have been deducted from revenue. (It is calculated by subtracting overhead costs from gross profits)

______________ is the fall in the value of a fixed asset over time.