Question

what is concpet profit​

Answer 1

Answer:

Profit describes the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question. Profit is calculated as total revenue less total expenses.

Answer 2

ANSWER

While determining the net income from business, all costs which are applicable to revenue of the period should be charged against that revenue.

In accrual accounting, matching concept states that expenses should be recorded during the period in which they are incurred, regardless of when cash transfer incurs.

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