Income and expenses: an introduction to profit and loss
ID:CVIEP
Video Overview
In this tutorial we will be introducing you to the term profit. We will focus our discussion on the profits made by businesses. We will discover that combining a business’s income and expenses allows us to establish its profit. We will also consider the effect of profit on the owner’s equity… or net worth… of the business. Finally we will briefly explain the meaning of the terms gross profit and net profit.
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