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In the context of final accounts, what does the term 'net profit' refer to?
In the context of final accounts, what does the term 'net profit' refer to?
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Q1
In the context of final accounts, what does the term 'net profit' refer to?
Total revenue minus total expenses
Total assets minus total liabilities
Gross profit minus operating expenses
Total income minus taxes
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Net profit is calculated as total revenue minus total expenses.
Questions & Step-by-step Solutions
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Q
Q: In the context of final accounts, what does the term 'net profit' refer to?
Solution:
Net profit is calculated as total revenue minus total expenses.
Steps: 5
Show Steps
Step 1: Understand that 'net profit' is a financial term used in final accounts.
Step 2: Know that 'total revenue' is the total amount of money earned from sales or services.
Step 3: Recognize that 'total expenses' are all the costs incurred in running the business, such as rent, salaries, and materials.
Step 4: Learn that to find net profit, you subtract total expenses from total revenue.
Step 5: The formula is: Net Profit = Total Revenue - Total Expenses.
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