Question

What is the difference between : Expense and expenditure Income and revenue Gross profit and net profit Bills receivable and bills payable Trade discount and cash discount

Answer 1

1) The difference between expenditure and Expense:
-Expense is the outflow from a profit oriented organization while expenditure is the outflow from non-profit organization.

2) The difference between Income and revenue:
-Revenue refers to all money a company takes in from doing what it does whether making goods or providing services while income is the phrase commonly used to refer to a company's profit.
3)The difference between Gross profit and Net profit;
-Gross profit is sales revenue minus the cost of goods sold while net profit refers to all revenue minus all expenses including the cost of goods sold,the selling and non operating expenses.
4)The difference between bills receivable and bills payable;
-Bills receivable is asset document which shows our debtors while bills payable means when a firm made credit purchase at the time creditor write bill on the purchase something.
5)The difference between trade discount and cash discount;
-Trade discount is a discount  given by a seller to the buyer as a deduction in the list of the commodity while cash discount is a deduction in the amount of invoice allowed by the seller to the buyer in goods and services.