Business IGCSE Definitions to Learn S5Ch24

(a)   are the financial records of a firm’s transactions.

(a)   are the professionally qualified people who have responsibility for keeping accurate accounts and for producing the final accounts.

(a)   are produced at the end of the financial year and give details of the profit or loss made over the year and the worth of the business.

(a)   is a financial statement that records the income of a business and all costs incurred to earn that income over a period of time (for example, one year). It is also known as a profit and loss account.

(a)   is the income to a business during a period of time from the sale of goods or services.

(a)   is the cost of producing or buying in the goods actually sold by the business during a time period.

(a)   is made when revenue is greater than the cost of sales

(a)   shows how the gross profit of a business is calculated.

(a)   is the profit made by a business after all costs have been deducted from revenue. (It is calculated by subtracting overhead costs from gross profits)

(a)   is the fall in the value of a fixed asset over time.