What is meant by gross profit and net profit? – InterviewSolution

1.

What is meant by gross profit and net profit?

Answer»

1. If the amount of sales exceeds the cost of goods sold, the difference is gross profit.

Sales – Cost of goods sold = Gross profit.

2. If the total of the credit side of the profit and loss account exceeds the debit side, the difference is termed as net profit.

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