Accounting for IGCSE & O level - Final Statements (Section 1 - No. 44)
What does the calculation of net profit for the year involve?
Revenue
Cost of Sales
Expenses
Gross Profit
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Net profit is calculated from revenue, expenses, and gross profit, which is a derivation from revenue and cost of sales. It uses gross profit, subtracting expenses, to arrive at the final profit for the year.