Question

What is the difference between gross profit and net profit

Answer 1

Gross profit is sales revenues minus the cost of goods sold. The term net profit might have a variety ofdefinitions. I assume that net profitmeans all revenues minus all expenses including the cost of goods sold, the selling, general, and administrative (SG&A) expenses, and the nonoperating expenses.
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Answer 2

Gross profit is the excess of sale whereas net profit is the excess of the gross profit.
gross profit is revealed by trading account and net profit is disclosed by profit and loss account.
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