Comments on: What do these terms mean in accountancy?

Comments on: What do these terms mean in accountancy? http://www.accountancyjobs.co.nz/?p=246 Accountancy and Financial job blog for New Zealand Tue, 07 Sep 2010 12:19:21 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Sandy http://www.accountancyjobs.co.nz/?p=246&cpage=1#comment-237 Sandy Tue, 23 Jun 2009 12:58:27 +0000 http://www.accountancyjobs.co.nz/?p=246#comment-237 You must be from England. Opening stock = Beginning inventory (i.e. at Jan. 1) Closing stock = Ending inventory (i.e. at Dec 31) assuming you have a Dec 31 financial year-end Opening stock + Purchases - Closing stock = Gross profit You must be from England.

Opening stock = Beginning inventory (i.e. at Jan. 1)
Closing stock = Ending inventory (i.e. at Dec 31)
assuming you have a Dec 31 financial year-end

Opening stock
+ Purchases
- Closing stock
= Gross profit

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