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Module 1: Introduction à la comptabilité

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Accounting - The Profit and Loss statement

The Profit and Loss statement

The format of the Profit and Loss statement will be influenced by the
nature of the firm's activities. It should also respond to the needs of
those who use it.

It will be assumed that the business is a trading firm using the perpetual
inventory approach.

The Profit and Loss statement for a trading firm falls into two sections:

* calculation of gross profit (revenue less cost of sales)

* calculation of net profit (gross profit less other expenses)

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