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  • Kathryn Longstaff

    Lesson 6.1 Activity 1

    1. What are the 3 financial documents names?​
    2. What is an income statement
    3. How do you determine a company’s profit or loss?
    4. What period of time does an income statement cover?
    5. What is the difference between a balance sheet and an income statement?
    6. Name 2 types of revenue
    7. What is the difference between direct and indirect costs (expenses)?
    8. What is the gross profit?
    9. Name 4 indirect costs
    10. What is the operating profit?
    11. Explain the use of comparative periods in accounting
    12. What is a gross profit margin and what is its use?
    13. How would you define the bottom line (Profit or loss)?
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