Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 18 - No. 16)
What is the difference between 'revenue' and 'profit'?
They are the same thing; the terms are interchangeable.
Profit is the amount left after deducting expenses from revenue.
Revenue is the amount left after deducting expenses from profit.
Revenue is the total value of assets and profit is the total value of liabilities.
Explanation
Profit is calculated by subtracting all expenses from the total revenue.
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