Related questions

Q.How do you work out profit?

A.Net profit is the gross profit minus other costs such as tax and overheads. Gross profit is the sale price of an item minus the purchase price.

Q.what does a profit and loss account show?

A.A profit and loss account is a balance sheet that displays a firm's total revenue, costs and expenditure. Accountants use them to determine profit.

Q.When filing your income tax return,can you put down your rent payments as expenditure?

A.You can put your rent down as expenditure if it's a business expense. If you work from home, it's common to put down a portion of your rent as a cost.