OPERATING PROFIT Definition

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OPERATING PROFIT is Gross Profit minus Operating Expenses.

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STOCKTAKING is the process of counting and evaluating stock-in-trade, usually at an organizations year end in order to value the total stock for preparation of the accounts. In more sophisticated organizations, in which permanent stock records are maintained, stock is counted on a random basis throughout the year to compare quantities counted with the quantities that appear in the, usually, computerized records.

UNAUDITED OPINION is a qualified opinion by a Certified Public Accountant who has not audited the relevant financial statements.

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