Question

profit determine is done on the basis of​

Answer 1

Answer:

Profit determination is done on the basis of REVENUE

Explanation:

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Answer 2

According to generally accepted accounting principles, accounting profit is a company's Generally Accepted Accounting Principles (GAAP). It comprises the outright costs of conducting business, such as depreciation, interest, and taxes, as well as operating expenses.

Explanation:  

• Accounting profit is the amount of money that is still available after all direct operating expenses have been paid.
• Explicit costs consist of labour, inventory needed for manufacturing, raw materials, production, sales, and marketing expenses.
• Accounting profit is distinct from economic profit in that it solely accounts for the money that a company spends and the money that it brings in.

• The impact of nonrecurring items is also eliminated in underlying profit, which is distinct from accounting profit.

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