Question

in accounting, what is the difference between the income and profit.
I am confused because from searching I get to know both have the same formula i.e.,
revenue - expenses

please help me, I am in class 11th​

Answer 1

Income - Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms.

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Profit - .

.a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

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Answer 2

Answer:

Income is the top-line revenue. ... Income is commonly referred to as “Gross Revenue.” On the other hand, profit is the amount that is left over after the expenses have been paid. To calculate this number, figure out your gross revenue and subtract the cost of goods that were sold as well as the expenses.