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  • Profit Loss Seminar Notes

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    Snoosome
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    The document outlines the key components of a profit and loss account, including sales, cost of goods sold which includes direct materials, direct labor, and manufacturing overhead, gross profit which is sales minus cost of goods sold, non-manufacturing costs, and net profit which is gross profit minus non-manufacturing costs. It notes that product costs are recognized in the profit and loss account for the period, while the cost of any stock left is recorded on the balance sheet.

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    The document outlines the key components of a profit and loss account, including sales, cost of goods sold which includes direct materials, direct labor, and manufacturing overhead, gross profit which is sales minus cost of goods sold, non-manufacturing costs, and net profit which is gross profit minus non-manufacturing costs. It notes that product costs are recognized in the profit and loss account for the period, while the cost of any stock left is recorded on the balance sheet.

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    Attribution Non-Commercial (BY-NC)
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    111 Ansichten1 Seite

    Profit Loss Seminar Notes

    Hochgeladen von

    Snoosome
    The document outlines the key components of a profit and loss account, including sales, cost of goods sold which includes direct materials, direct labor, and manufacturing overhead, gross profit which is sales minus cost of goods sold, non-manufacturing costs, and net profit which is gross profit minus non-manufacturing costs. It notes that product costs are recognized in the profit and loss account for the period, while the cost of any stock left is recorded on the balance sheet.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Als DOC, PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 1

    Profit and Loss Account - seminar notes MU 1. Sales x units 2.

    Product cost of goods sold (according to number of units sold) 2.1. Direct materials Value 2.2. Direct labor Value 2.3. Manufacturing Value OVH Total value

    MU

    3. Gross profit (1-2) 4. Non-manufacturing (period) costs 5. Net profit (3-4) Value (3-4) We have cost of stock left. Cost of stock = Product cost -> Balance sheet Costs recognized in the period -> Profit and loss account

    Total value (2.1. + 2.2. +2.3.) Value (1-2) Value

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