Statement of Profit or Loss

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Across
  1. 4. Given when a customer buys in bulk
  2. 7. Discount _____ is an example of other incomes
  3. 8. Given to encourage early payment
  4. 10. Income received when part of a business' premises is borrowed to another person/business
  5. 11. Money or goods taken by the sole traders for personal use is called _____
  6. 13. Revenue minus sales returns/refunds is called ____ sales
  7. 17. Loan _____ is recorded after profit from operations in Statement of Profit or Loss
  8. 18. When a business decides to return some of their purchases back to the supplier
  9. 19. Carriage _____ is an expense that occurs when a business delivers goods to their business
  10. 20. ______ receivable is a payment the business will receive based on the value of sales it achieved
  11. 23. Expenses > Revenue means _____ for the year
  12. 26. Revenue minus cost of sales
  13. 27. Happens when the gross profit exceeds the expenses
  14. 28. Both carriage inwards and outwards are _____ balances in the trial balance because they represent costs to the business
Down
  1. 1. When a business keeps incurring losses, it might eventually go ______
  2. 2. Cash discounts are also called ______ discounts
  3. 3. This consists of opening inventory, net purchases, goods for own use and closing inventory
  4. 4. A business that sells goods is called a ______ business
  5. 5. When businesses buy more goods from suppliers to keep enough inventory to meet demands
  6. 6. Running costs that a business have to pay
  7. 9. People who run their own business, they are responsible for making any decisions
  8. 12. Sole traders have _______ liability
  9. 14. When a seller gives a discount to a buyer for paying early
  10. 15. Payments made to the employees or workers of a business
  11. 16. An expense when delivering products
  12. 21. Goods to resell to customers are called _______
  13. 22. Inventory at the end of the year is called _____ inventory
  14. 24. A _______ business does not sell goods (e.g hairdresser, teacher, lawyer, doctor)
  15. 25. When a business sold goods to customers but it is not paid yet, it is called ____ sales