Accounting for IGCSE & O level - Final Statements (Section 10 - No. 9)
What does the phrase 'profit for the year' measure?
Gross profit less expenses.
Revenue minus cost of sales.
Revenue plus all expenses.
Gross profit plus expenses.
Εξήγηση
Profit for the year measures the amount of profit remaining after gross profit is reduced by all expenses in the same year.