Question

Define the term turnover and sale price and explain what items of
expanses are including and excluded for computing sale-price.
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Answer 1

Explanation:

Sales turnover is the company's total amount of products or services sold over a given period of time - typically an accounting year....

Sales turnover represents the value of total sales provided to customers during a specified time period, which is usually one year. The amount includes only revenue that is generated from daily operations, not non-operating revenue.

The figure for sales turnover in the profit & loss account does not necessarily mean that the firm has received all of that amount. This is because although they may have sold that quantity and value of the product they may still be owed some of the money by their debtors.