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Tutor's Tips > Terms of Financial Accounting > Archive for Income Statement terms

Category: Income Statement terms

What is Operating profit – Explanation with Examples

March 3, 2020April 8, 2020 Amanpreet Kaur
What-is-Operating Profit

Operating Profit is that part of the revenue which is left after deducting operating cost/expenses from the Gross Profit. Operating expenses/cost include all the cost incurred on all operative activities of the business. It is also known as Earning Before Interest Read More …

Income Statement terms, Terms of Financial Accounting2 Comments

What is Net profit – Explanation with Examples

February 27, 2020April 8, 2020 Amanpreet Kaur
What-is-Net-Profit

Net Profit (N.P.) is that part of the revenue which is left after deducting total cost/expenses from the total revenue or indirect cost/ expense from the Gross Profit. Indirect expenses/cost include all the cost incurred on the administrative expenses, selling Read More …

Income Statement terms, Terms of Financial Accounting2 Comments

What is Gross profit – Explanation with Examples

February 27, 2020April 8, 2020 Amanpreet Kaur
What-is-Gross-Profit

Gross Profit (G.P.) is that part of the revenue which is left after deducting all direct cost/expenses from the Net Sale. All direct cost/ expense means Cost of Goods Sold (COGS). COGS include all the cost incurred on the production Read More …

Income Statement terms, Terms of Financial Accounting2 Comments

What are Incomes – its types and examples

February 25, 2020April 8, 2020 Amanpreet Kaur
What-are-incomes

Incomes mean the amount earned by the business from the business operation and other activities. Income is also known as Revenue. In other words, The amount earned from Sale of goods and services and other non-operation works. These incomes are Read More …

Income Statement terms, Terms of Financial Accounting1 Comment

What are Expenses – its types and examples

February 24, 2020March 19, 2022 Amanpreet Kaur
What-are-Expenses

The amount spent to enjoy benefits from goods and services is known as Expenses. In this article, we will cover the meaning and types of Expenses.  What are Expenses It means the amount spent by the business for running the Read More …

Income Statement terms, Terms of Financial Accounting1 Comment

What is Sale? – Explanation with Examples

February 23, 2020October 3, 2020 Amanpreet Kaur
What-is-sale

The sale means giving the ownership of any goods or assets, by receiving/will be received the predetermined price of them. It may be in cash or credit. In credit means, when business sold goods or assets without receiving the predetermined Read More …

Income Statement terms, Terms of Financial Accounting4 Comments

What is Purchase? – Explanation with Examples

February 22, 2020April 8, 2020 Amanpreet Kaur
What-is-Purchase

Purchase means getting the ownership of any goods or assets, by paying the predetermined price of them. It may be in cash or credit. In credit means, when business buys goods or assets without paying the predetermined price of them, Read More …

Income Statement terms, Terms of Financial Accounting1 Comment

What is Expenditure – its types and examples

February 21, 2020March 19, 2022 Amanpreet Kaur
What-is-Expenditure

Expenditure means that amount which has spend or will be spent by business on the purchase of goods and to avail the services. These can be in cash or on credit or in the fund. Examples of expenditure for business Read More …

Income Statement terms, Terms of Financial AccountingLeave a comment

Cost of Goods Sold (COGS) – its Formula and example

February 20, 2020September 29, 2020 Amanpreet Kaur
What-is-Cost-of-Goods-Sold-COGS

Cost of Goods Sold (COGS) is the amount of expenses that are directly related to the process of the manufacturing of the final product or cost of goods purchases and direct expenses incurred on it but indirect expenses are not Read More …

Income Statement terms, Terms of Financial Accounting




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