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Principles of Accounts

Financial Statements

Key Points

Gross Profit = Sales − Cost of Goods Sold
Net Profit = Gross Profit + Other Income − Expenses
Balance Sheet: Fixed Assets + Current Assets − Current Liabilities = Capital
Straight-line depreciation: (Cost − Residual Value) / Useful Life
Current Ratio = Current Assets / Current Liabilities (ideal 2:1)

Practice Questions

2 questions

1

Gross Profit is calculated as:

2

Depreciation is charged on:

Bookkeeping & Double Entry

Principles of Accounts — All Topics

1.Bookkeeping & Double Entry 2.Financial Statements

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