Asked by Nadia Kovacs on Jul 17, 2024
Verified
Profit is the difference between
A) assets and liabilities
B) the incoming cash and outgoing cash
C) the assets purchased with cash contributed by the owner and the cash spent to operate the business
D) the amounts received from customers for goods or services and the amounts paid for The inputs used to provide the goods or services
Profit Difference
The financial disparity that occurs when the revenues earned by a business exceed or fall short of its expenses.
Incoming Cash
Money that is received by a business or individual, originating from various sources like sales, investments, loans, or other income.
Outgoing Cash
Money that is spent or disbursed by a business, including expenses, purchases, and other payments.
- Comprehend the procedure and importance of documenting incomes and expenses.
Verified Answer
Learning Objectives
- Comprehend the procedure and importance of documenting incomes and expenses.
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