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Yr 11 Accounting - Trading firms and stock

Trading businessa business which aims to generate profit by purchasing goods and then selling then selling them at a higher price
Stockgoods purchased by a trading firm for the purposes of resale at a profit
Perpetual inventory systemsystem of accounting for stock that involves the conitnuous recording of stock movements in stock cards
Stock Carda subsidiary accounting record that records each individual transactions involving the movement in and out of the business of a particular line of stock
Salesthe revenue earned by a trading firm from the sale of stock
Purchasesthe stock bought by a trading firm for the purposes of resale
Cost of salesthe expense incurred when a stock flows out of the business due to a sale
Gross profitthe profit earned purely from the purchase and sale of stock, calculated by Sales minus Cost of sales
Cost pricethe original purchase price of stock
First-in, First outthe assumption that the stock that is purchased first will be sold first
Stocktakethe process of counting every item of stock on hand to verify the accuracy of the stock cards and detect any stock loss or gain
Stock lossan expense that occurs when the stocktake shows less stock than is shown on the stock cards
Stock gaina revenue that occurs when the stocktake shows more stock on hand than is shown in the stocktake
Cost of Goods Solda heading used in the Profit and Loss Statement for all cost incurred to bring stock into a location and condition ready for sale
Adjusted Gross ProfitGross profit less stock loss / plus stock gain
Stock Sheeta listing of the quantity and value of each line of stock on hand
Stock turnoveran efficiency indicator which measures the average number of days it takes for a business to convert its stock into sales

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