5.3.1 What profit is and why it is important: • How a profit is made
• Importance of profit to private sector businesses, e.g. reward for risk-taking/enterprise, source of finance
• Difference between profit and cash
5.3.2 Income statements: • Main features of an income statement, e.g. revenue, cost of sales, gross profit, profit and
retained profit
• Use simple income statements in decision making based on profit calculations (constructing income statements will not be assessed)
*Questions and suggested answers"
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