Sales (Revenue), Monies that the business has received from selling goods and/or services, Cost of Sales, The cost of goods that the business has bought for production or resale, taking account of opening/ closing stock levels, Opening Inventory, The value of unsold inventory at the start of the financial period, Purchases, The amount the business has spent on buying in raw materials or goods for resale to its customers., Closing Inventory, The value of unsold inventory at the end of the financial period, Gross Profit, Difference between the cost to the firm to buy the goods and the sales revenue from selling them on, Expenses, Expenses incurred by the business in the course of its normal operation, e.g. advertising, wages, electricity, Profit for the Year, The profit (or loss) made after all of the firm’s expenses have been deducted, Retained Profit, Profits kept back in the business for future investment, i.e. not distributed to owners or shareholders

Income Statement Key Terms

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