17 - Incomplete Records

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Created by
kaitlyn

Cards (9)

  • Why does a business have a statement of affairs?
    It does not have a ledger
  • What is the formula for margin?
    Profit/Sales x 100
  • What is the formula for gross margin?
    Gross Profit/Sales x 100
  • What is the formula for Profit Margin?
    Profit for the year/Sales x 100
  • What is the formula for mark-up?
    Gross Profit/Cost of Sales x 100
  • What is the formula for inventory turnover?
    Cost of Sales/Average Inventory
  • What is the formula for sales?
    Gross Profit + Cost of Sales
  • What is accrued expense and prepaid income classified as?
    Current liability
  • What is accrued income and prepaid expense classified as?
    Current asset