Income: all valuable earnings.
Profit: valuable earnings minus valued effort/cost in achieving initial income.
for this answer, I have used "ULTIMATE BOOK OF ACCOUNTANCY"Ans : Gross Profit is Total Profit earned by a business.... whereas profit means net profit,it means .. Gross Profit - Indirect expenses + indirect incomes = profit or net profitFor more detail .. please see... "ULTIMATE BOOK OF ACCOUNTANCY" published by vishvas publications....
Any firm will be in profit when it cover all its costs and expenses i.e. when incomes overcome expenses.
Gross profit - adminstrative expenses - markiting and selling expenses
No. There is no difference and they are synonyms.
No difference.
There is not difference; they mean the same thing.
What is difference between trust run and for-profit hospitals
No difference. They mean the same thing.
No difference. They mean the same thing.
The difference between profit making accounting and not for profit making accounting is, that question should answer itself! 8^0
The difference is, that gross profit includes deduction from manufacturing cost. Sales value - Rawmaterial - Freight = Fluctuating Profit - Manufacturing Cost - Procurement = Gross Profit - Operating Expenses = Operating Profit
Gross profit is the amount of profit in dollars...gross margin is the % profit to expenses