what is national profit
Answers
Answer:
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Notional profit is an estimate of earnings primarily used in the building and construction industry.
Answer:
An estimation of profits known as nominal profit is frequently employed in the building and construction sector. It is used to level out changes in reported revenue brought on by lengthy contracts.
Explanation:
Step 1: It stands for the discrepancy between the cost and value of approved work. The amount of profit or loss from each contract is transferred to the company's Costing Profit & Loss A/c, which is always computed for each and every year of the contract.
Step 2: A nation's economic activity determines its national income. By calculating the national income, the government may assess a nation's economic development, make plans for future growth, and establish its economic strategy.
Step 3: The entire value of all the commodities and services that a nation's citizens produce in a given year, whether they are sold domestically or abroad, is what is referred to as national income. It is the sum of the residents' annual production-based net income.
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