
TL C4.1 Common Terms in Financial Reporting
Flashcard
•
Business
•
11th Grade
•
Hard
Hannah Burton
FREE Resource
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24 questions
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1.
FLASHCARD QUESTION
Front
Sales turnover
Back
The total revenue generated from sales before any deductions.
2.
FLASHCARD QUESTION
Front
Revenue
Back
The income generated from normal business operations.
3.
FLASHCARD QUESTION
Front
Profit and loss statement
Back
A financial statement summarizing revenues, costs, and expenses.
4.
FLASHCARD QUESTION
Front
Accounting period
Back
The span of time covered by financial statements.
5.
FLASHCARD QUESTION
Front
Balance
Back
The amount of money held in an account.
6.
FLASHCARD QUESTION
Front
Gross profit
Back
Sales revenue minus the cost of goods sold.
7.
FLASHCARD QUESTION
Front
Net profit
Back
The actual profit after working expenses not included in the calculation of gross profit have been paid.
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