Tag: income statement

What is Cost of Sales?

Cost of Sales Opening stock  Plus Purchases  Less Closing stock = Cost of Sales Cost of Sales is direct cost of product sold, shown in

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What is Input VAT?

Input VAT If your business is registered for VAT, you can claim back VAT charged to you on products and services Input VAT = Expense

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What is Output VAT?

Output VAT If your business is registered for VAT, you will charge VAT on the sale of products and services Output VAT = Sales *

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