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

Answer:

Income and s something like a salary say when it is credited u have everything to yourself u have all the value to u.

but profit is something that u have remaining after spending, eg the last days of a month u have saved x value of your salary then that can be considered as a profit...in simple terms

Answer 2

Answer:

1)In profit any person gets more than his desire

EX:If I bought a pen for ₹5 then I sold it by ₹10 then I got profit of ₹5. But I was thinking it will be sold at ₹7. Like this we get profit.

2)Income means something that we get from the people of upper stage and we get it by doing something good work or only doing work.

EX.The boss gives me ₹80000 per month.

In this ₹80000 is income and upper stage people is boss.

Hope it will help you

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