Question

gross profit is total revenue (T/F)
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Answer 1

This statement is true.

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Answer 2

Gross Profit is calculated by deducting all the cost and expenses of goods/services sold by the business from the Total Revenue.Hence,the statement given is False.

Explanation:

Total Revenue basically refers to the overall revenue generated from the sale of all the goods or services sold by any firm or company.Gross Profit is stated in the income statement and denotes the remaining fund available to the company after deducting all the cost and expenses incurred during the production of goods or services sold by the company or firm from the total revenue.Hence,Gross Profit can be either positive or negative(loss) depending on amounts of total revenue and cost/production of goods or services.