Profit is the difference between

a. assets and liabilities

b. the incoming cash and outgoing cash

c. the assets purchased with cash contributed by the owner and the cash spent to operate the business

d. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services

Question

Reuben Sloan

Business

26 October, 14:51

Profit is the difference between

a. assets and liabilities

b. the incoming cash and outgoing cash

c. the assets purchased with cash contributed by the owner and the cash spent to operate the business

d. the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services

+4

Answers (1)

Know the Answer?

Alexia Carrillo · Answer 1

Answer: D) the amounts received from customers for goods or services and the amounts paid for the inputs used to provide the goods or services

Explanation:

The profit is the difference between the income and the expenses as:

Profit = Income - expense

Income is money that one earn profit in their business and expenses are the money which we spend. And your total income is your revenue. And if the number is in positive value then, it makes profit. Therefore, (D) is the correct option.