Question

profit represents excess of revenue over expenses. state true or false​

Answer 1

Answer:

true

Explanation:

because the definition of profit is same

Answer 2

In the question, we are given a statement and asked whether the statement is true or false

• We are given in the statement whether profit represents the excess of revenue over expenses
• The answer to this statement is true
• Revenue is nothing but what the organization earns during the period
• Expenses are nothing but what the organization pays during the period
• So profit is nothing but the revenue minus the expense
• In other words, profit represents the excess of revenue over expenses