Calculating Profit and Loss in Business
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- čas přidán 21. 08. 2024
- Alex explains the concepts of #profitandloss in business alongside showing you a simple method you can use to calculate them.
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Love the videos, I’m currently in the process of starting a business and I’m all about self learning so I’ve been spending hours on these videos. I appreciate it. Loads of useful information! Keep it up 👍🏻
This is great to hear Tom, we've plenty more planned, lots of content being released from September onwards so keep your eyes peeled. What business are you in the process of starting? Love to hear it, hope it goes well and if there's any specific videos you think we could create which would help new entrepreneurs like yourself, just let us know.
@@TwoTeachers bro ur just way too kind compared to the other utubers
Simple and straightforward💯💯✅✅
Love to hear this 👍
VERYYYYY informative & straight forward. Thank you.
Great to hear, thank you for the comment.
Very good. I learnt a lot
Thank you, glad we could help 👍
Please make a video, I’m quite confused. I spent some money to buy items, but I didn’t use all the items in production however the money I generated from the produce of those items is less than what I spent to buy the materials(even though I didn’t use all the ingredients)
Hi Asham, it sounds as though you made a loss despite not using all the items as the money you spent is still classed as an expense whether it was used or not 😁
Yeah, you should’ve priced your items to cover all of your costs and your labor. It sounds like somebody made a big mistake. I hope in the future do you remember every penny you spend is a cost remember that
🥰
Glad you liked it 👍
Why loss is represented by putting inside parenthesis instead of writing with negative sign like -10,000
Great question. Losses are represented within parentheses rather than using a negative sign like -10,000 in accounting and finance due to the conventions of clarity, consistency, and adherence to international standards. Parentheses visually distinguish between gains and losses, preventing misinterpretation and errors, especially in complex financial data. This practice ensures standardised communication among financial professionals and aligns with reporting standards like IFRS and GAAP.
@@TwoTeachers Awesome! Thank you so much ❤
You’re welcome 👍
What about Cost of Goods Sold?
The cost of goods sold is used in this video: czcams.com/video/DM7TqljUues/video.html
Isn’t it if you don’t cover your cost you don’t make a profit I mean why is it gonna be so complicated since I was 12 years old and was selling candy bars I understood this is the cost to buy the candy bars. This is the cost of my time, and anything beyond that is profit why do you Gotta make it so difficult
It’s great that you are making a profit from selling candy bars 👍 but it’s got to be looked at from a bigger picture to understand profit from a business perspective. Apple can’t just say ‘It’s the cost to buy the iPhone plus my time and everything else is profit’ the business has many more revenue sources and expenses to account for. Hope you keep smashing the business 😀