A business had inventory on hand at the beginning of a period worth $1,000. 

During the period, purchases of inventory totalled $2,800, and sales (at cost price) totalled $1,500.

A physical stocktake revealed inventory worth $2,200 on hand.

The period's inventory loss or gain would be:

Gross profit is equal to net sales income/revenue less the cost of sales.

With the perpetual inventory method, detailed records are kept of only the physical quantities of inventory purchased and sold, not the cost price of them.

Technology can assist in presenting accounting data to help inform decision making.

Accounting information can be conveyed in numeric (report) format, but graphical representations can also present important information in an appealing way.

As businesses grow large, the volume of transactions and data they need to record and manage creates a need for Enterprise Resource Planning (ERP) software.

Small business software is difficult to use and requires professional accounting qualifications.

Small businesses have different options when choosing accounting software to manage their accounting record keeping.

Forecasts say there will be a shortage of accountants in Australia in the coming years.

The overwhelming majority of businesses in Australia are categorised as 'small businesses'.