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- A trading statement in accounting is used to12:
- Determine sales, cost of sales, and gross profit.
- Calculate the gross profit or loss of a business engaged in buying and selling goods.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The trading statement is an expanded version of sales portion of the Income statement. The trading statement's main objective is to determine sales, cost of sales and gross profit. The trading statement it's part of effective book keeping within the accounting discipline.en.wikipedia.org/wiki/Trading_statementA trading account is a financial statement that shows the revenue, cost of goods sold, and gross profit or loss of a business for a given period of time. It is used to calculate the gross profit or loss of a business that is engaged in buying and selling goods.www.investoinfo.com/blog/trading-account/ - People also ask
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WEBJan 31, 2024 · The trading account shows the result of buying and selling goods. This account determines the gross profit or the gross loss of a trader at the stage of final accounts preparation. The following items usually …
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WEBTrading account is a statement which is prepared by a business firm. It shows the gross profit of business activities during a specific period. It is a part of the final accounts of the entity. In other words, the trading …
WEBSep 29, 2022 · The trading account shows the gross profit which is determined by deducting the cost of goods sold from the net sales revenue of the business. The gross profit is calculated using the trading account …
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