The roles of cost & profit centres
The roles of cost and profit centres (AO2) (HL only) "Never spend your money before you have it."- Thomas Jefferson, 3rd president of the USA (1801 to 1809) Recall that profit refers to the positive difference between a firm’s total revenues and its total costs for any given period of time. Revenues are the inflows of money, usually from the sale of products. Costs are the outflows of money, to finance production and...