Question

Does income mean profit?

Answer 1

Answer:

The key difference between Profit vs Income is that Profit of the business refers to the amount realized by the company after deducting the expenses from total amount of revenue earned during an accounting period, whereas, Income refers to the amount left as the earning in the organization after deducting other ...

Explanation:

While net income is synonymous with a specific figure, profit conversely can refer to a number of figures. Profit simply means revenue that remains after expenses, and corporate accountants calculate profit at a number of levels.