Difference between revisions of "Gross profit"

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==Related concepts==
 
==Related concepts==
 
*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
*[[Income]]. Money that is earned by a business through the sale of products or services.
 
*[[Profit]]. The difference between income earned and expenses paid. The greater the profit the better for business.
 
  
==Related coursework==
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==Related lectures==
*[[Principles of Accounting]].  
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*[[Bookkeeping Quarter]].  
  
[[Category: Accounting]][[Category: Articles]]
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[[Category: Septem Artes Administrativi]][[Category: Articles]]

Latest revision as of 19:36, 4 January 2019

Gross profit is net sales less cost of goods sold if the sales are bigger than the costs. Otherwise, the result is called gross loss.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Gross profit. Net sales less cost of goods sold.

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