Trading, profit and loss account - JSS3 Business studies Past Questions and Answers - page 1

To summarize business revenues and expenses

To calculate the total assets of a business

To determine the market value of goods

To manage employee salaries

Operating expenses

Revenue from non-core activities

Direct expenses and revenues related to core operations

Interest income

Operating expenses

Non-operating income

Cost of Goods Sold (COGS)

Opening stock

Gross Profit

Net Profit/Loss

Operating Revenue

Non-operating Expenses

Operating Revenue

Non-operating Income

Gross Profit

Net Profit/Loss

Operating expenses

Non-operating income

Cost of Goods Sold (COGS)

Closing stock

To determine the value of assets

To record daily transactions

To calculate net profit or loss during a specific period

To manage employee benefits

Operating expenses

Non-operating income

Direct expenses and revenues related to core operations

Interest income

Opening stock

Closing stock

Sales revenue

Purchases minus closing stock

Operating expenses

Non-operating income

Cost of Goods Sold (COGS)

Opening stock