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BE4 summary (based on practice exams)
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BE4 summary (based on practice exams)
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Profit and loss account/income statement(goods sold and delivered, realization principle)
Revenue/sales
Cost of sales -
Gross profit =
Operational costs -
Operating profit (EBIT) =
Financial items +/-
Profit before tax =
Taxes -
Profit after tax =
Net profit OR loss
Balance sheet
Take things from income statement into account.
If so, calculate differences (e.g. depreciation deducted from original amount)
Read carefully! Also to dates. Dates could be after 6 months and not 1 year)
With loan, interest needs to be added to original amount.
Profit FIFO method
First in, first out
Sales – cost of sales = profit
Sales = given (amount of units * selling price)
Cost of sales = First units sold * selling price of that unit
Amount of units left in comparison to sales units * selling price of next unit -
= profit
Profit LIFO method
Last in, first out
Sales – cost of sales = profit
Sales = given (amount of units * selling price)
Cost of sales = Last units sold * selling price of that unit
Amount of units left in comparison to sales units * selling price of unit before -
= profit
Profit WAC (weighted average cost) method
Sales – cost of sales = profit
Y = (amount of units purchased per batch * selling price) / total units purchased
Sales = given (amount of units * selling price)
Cost of sales = sold units * Y -
= profit
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