what is gross profit and gross loss in simple words ?
ishasaxena477:
i mean how to identify any terminology that it belong to trading a/c or p/l account?
Answers
Answered by
6
Answer:
Gross profit or gross loss is the difference between the 'cost of goods sold' and 'sales'. In accounting terms gross profit is the excess of revenue over cost of sales.
Answered by
34
Answer:
Gross profit or gross loss is the difference between the 'cost of goods sold' and 'sales'. In accounting terms gross profit is the excess of revenue over cost of sales.
Similar questions