2. when merchandise is sold, the revenue is reported as sales, and its cost is recognized as an expense called

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28-10-2022
Business

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2. when merchandise is sold, the revenue is reported as sales, and its cost is recognized as an expense called

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anshumanaryan799 anshumanaryan799 · Answer 1 · 2022-10-31T14:01:16-04:00

When merchandise is sold, the revenue is reported as sales, and its cost is recognized as an expense called the Cost of Merchandise sold.

Profit refers to the total earnings a company generates through its core operations like deals of products or services, rents on a property, recreating payments, interest on borrowings, etc. profit computations come ahead removing any charges, similar to abatements and returns.

Revenue is the total quantum of income generated by the trade of goods or services related to the company's primary operations. profit, also known as gross deals, is frequently appertained to as the" top line" because it sits at the top of the income statement. Income, or net income, is a company's total earnings or profit.

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