Sales Figures - Represents the amount of revenue generated by the business., Cost of Goods Sold - The cost directly associated with making or acquiring products., Gross Profit - Derived by subtracting the cost of goods sold from the net sales figures. Does not include any operating expenses or income taxes., Income Tax - A required contribution for the support of a national, state, or local government calculated based on income., Operating Expenses - Daily expenses incurred in the operation of your business. Often divided into selling and general/administrative expenses. , Total Expenses - A tabulation of all expenses incurred in running your business, exclusive of taxes or interest expense on interest income. , Net Income Before Taxes - Represents the amount of income earned by a business prior to paying income taxes. Arrived at by subtracting the total operating expenses from gross profit., Net Income - The amount of money the business has earned after paying income taxes.,

Basic Accounting Concepts

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