Question on: SS1 Accounting - Identification of Profit And Loss Account Items
What is the difference between revenue and gross profit in a profit and loss account?
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A
Revenue is the money earned by a company, and gross profit is the revenue minus operating expenses.
B
Revenue is the money earned by a company, and gross profit is the revenue minus the cost of goods sold.
C
Revenue and gross profit are the same thing.
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Correct Option: B
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