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What accounting concepts stipulates that accounting profit is the difference between revenue and expenses?
The accounting concept that stipulates accounting profit as the difference between revenue and expenses is the matching principle. This principle requires that expenses be matched with the revenues they help generate within the same accounting period, ensuring that financial statements accurately reflect the company's performance. Thus, accounting profit is calculated by subtracting total expenses from total revenues, providing a clear picture of profitability.
What is the Difference between government accounting and financial accounting?
The biggest difference is that government account is non-profit and based on funds....also called fund accounting. They do not have profits. Financial accounting tracks income and have or hope to have a profits.
What is the difference between cash accounting profit and loss and accrual accounting profit and loss?
Cash accounting and accrual accounting are two methods of accounting in cash accounting system all expenses and revenues are recorded when actual cash is paid or received while in accrual profit and loss statement, revenues and expenses are recorded when they are actually occurred and timing of receipt and payment of cash is not important.
What relationship is there between the accounting equation and the balance sheet?
The relationship between the accounting equation and the balance sheet is the NET PROFIT. ( I THINK :/ )
What is the difference between a cost center and profit center?
cost centre = the department which activities cash disbursement profit centre = the department which activities making cash
In accounting profit is the difference between what?
difference between revenue and costs
What is relationship between tally and accounting?
Accounting is making a statement of company's profit and loss,and tally is making a perfect balance between assets and liability
What accounting concepts stipulates that accounting profit is the difference between revenue and expenses?
The accounting concept that stipulates accounting profit as the difference between revenue and expenses is the matching principle. This principle requires that expenses be matched with the revenues they help generate within the same accounting period, ensuring that financial statements accurately reflect the company's performance. Thus, accounting profit is calculated by subtracting total expenses from total revenues, providing a clear picture of profitability.
What is the Difference between government accounting and financial accounting?
The biggest difference is that government account is non-profit and based on funds....also called fund accounting. They do not have profits. Financial accounting tracks income and have or hope to have a profits.
What are the differences between gross profits and net sales?
In accounting, gross profit or sales profit is the difference between revenue and the cost of making a product or providing a service, before deducting overhead, payroll, taxation, and interest payments. Note that this is different from operating profit (earnings before interest and taxes).
What is the difference between cash accounting profit and loss and accrual accounting profit and loss?
Cash accounting and accrual accounting are two methods of accounting in cash accounting system all expenses and revenues are recorded when actual cash is paid or received while in accrual profit and loss statement, revenues and expenses are recorded when they are actually occurred and timing of receipt and payment of cash is not important.
Difference between accounting profit and economist's profit?
The accounting profit is the difference between total revenue and total cost excluding the economic cost (opportunity cost) of owner-supplied resources such as time and capital. At the other hand, In the economic cost, we include the opportunity cost in our calculations. · When total revenue exceeds both explicit and implicit costs, the firm earns economic profit. · Economic profit is smaller than accounting profit Another answer culed be: Economic Profit is slightly different than accounting profit, which merely the firm's total revenues minus its total costs. Economic profit is defined as total revenues minus total operating costs minus opportunity cost. Opportunity cost is defined as the cost of the profits you forgo by not doing another activity. For example the opportunity costs of opening a lemonade stand is equal to the difference between the accounting profits of the lemonade stand minus the accounting profits of a more profitable hot dog stand.
Difference between not for profit and non profit?
No difference.
What is the difference between non profit hospitals and for profit hospitals?
What is difference between trust run and for-profit hospitals
What is the difference between not-for-profit and non-profit?
No difference. They mean the same thing.
What is the difference between not-profit and non-profit?
No difference. They mean the same thing.
What relationship is there between the accounting equation and the balance sheet?
The relationship between the accounting equation and the balance sheet is the NET PROFIT. ( I THINK :/ )
