Accounts - Principles of Accounts

N40,935

N27,961

N26,685

N1,185

N7,200

N98,800

N100,000

N105,800

N6,800

N153,000

N154,200

N159,800

the summary of all the business transactions of the trader ascertained by the accountant

a balance sheet at a particular date showing the assets and liabilities of the business

a schedule of all the business ventures entered into for the period to which the records relates

the statement that shows the profit or loss made during the period

gross profit

net profit

excess of sales revnue over variable costs

difference between fixed and variable costs