2022 4-9 T2W3 Part 3

Gross profit is the amount of profit earned by a ______ business from the buying and selling of goods for a period of time.

Gross profit is the amount of profit earned by a trading business from the _____ _____ _____ _____ _____ (5 words) for a period of time.

Profit for the period is the _____ amount of profit earned by a business for a period of time after including other income earned and deducting other expenses incurred for that period of time.

Profit for the period is the final amount of profit earned by a business for a period of time after including _____ ______ _____ (3 words) and deducting other expenses incurred for that period of time.

Profit for the period is the final amount of profit earned by a business for a period of time after including other income earned and deducting _____ _____ _____ (3 words) for that period of time.

The purpose of the _____ _____ (2 words) of the statement of financial performance is to show the amount of gross profit earned from the buying and selling of goods for a period of time.

The purpose of the trading portion of the statement of financial performance is to show the amount of _____ _____ _____ (3 words) from the buying and selling of goods for a period of time.

The purpose of the trading portion of the statement of financial performance is to show the amount of gross profit earned from the _____ _____ _____ _____ _____ (5 words) for a period of time.

The purpose of the _____ _____ _____ _____ (4 words) of the statement of financial performance is to report the amount of final profit earned from operating the business (i.e. after including other income earned and deducting other expenses incurred) for a period of time.

The purpose of the profit and loss portion of the statement of financial performance is to report the amount of _____ _____ _____ (3 words) from operating the business (i.e. after including other income earned and deducting other expenses incurred) for a period of time.