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10 questions from this quiz
Income statement and balance sheet
Income, expenses, trading, profit & loss
Close temporary accounts to zero for new yr
Transfer debtors' allowances to sales
Calculate gross profit
Net sales−Cost of sales\text{Net sales} - \text{Cost of sales}Net sales−Cost of sales
Gross profit+Other income−Expenses\text{Gross profit} + \text{Other income} - \text{Expenses}Gross profit+Other income−Expenses
Drawings are personal; expenses operational
Opening capital+Net profit−Drawings\text{Opening capital} + \text{Net profit} - \text{Drawings}Opening capital+Net profit−Drawings
Only permanent accounts
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