| Basic terms used in accounting |
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 | Peter can remind what is gross profit and net profit? | |
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| 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 | |
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| Basic terms used in accounting |
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| Do you remenber the equation for them | |
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| Revenue -Cost of Goods Sold = gross profit and Gross profit- Expenses = net profit or net income | |
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| Assets are resources owned by the business and liabilities is the total money owned for assets supplied to the business | |
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| Jill, can you define an asset and liabilities for me? | |
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