Determining Prices (Grade 10 NSC Matric Accounting): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Cost Price (CP)
Cost Price (CP)
Amount business pays to purchase goods for resale
Mark-up (MU)
Mark-up (MU)
Additional amount added to cost price for profit
Selling Price (SP)
Selling Price (SP)
Final amount customers pay for a product
Formula: CP + MU = ?
Formula: CP + MU = ?
SP (Selling Price)
Cost Price % in calculations
Cost Price % in calculations
Always 100%
Direct Labour
Direct Labour
Work directly involved in creating/producing the product
Indirect Labour
Indirect Labour
Work supporting business but not directly producing goods
Income
Income
Money flowing into business from operations
Expenses
Expenses
Costs business must pay to operate
Labour Costs
Labour Costs
Wages and salaries paid to employees/workers