Question

What is the best definition that properly describes the accruals convention for profit?
a) Profit is the excess of cash receipts over cash payments.
b) Profit is mainly the gains in excess of the losses for a particular period.
c) Profit is the amount of revenues that is above and beyond expenses over a particular period.
d) All of the above.
e) None of the above.

Answer 1

Answer:

c) is the answer

Explanation:

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