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ACCOUNTING by yon on 03-15-2013
Basic terms used in accounting
Peter can remind what is gross profit and net profit?
Jill ,gross profit is the excess of sales over the cost of good sold and net profit is what is left of the gross profit after all other expenses have been deducted
Basic terms used in accounting
Do you remenber the equation for them
Revenue -Cost of Goods Sold = gross profit and Gross profit- Expenses = net profit or net income
Assets are resources owned by the business and liabilities is the total money owned for assets supplied to the business
Jill, can you define an asset and liabilities for me?
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