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Sir, Does gross profit and gross income is same? Does net profit and net income is same? If not please explain me the difference....


Sakthi Praveen

Sakthi Praveen

CA Inter

2K+

22-Jul-20 16:48

35

Answers (2)

I think there terminology difference i.e., gross profit and net profits are used for manufacturing companies and companies whose business involeves goods Net income and gross incomes are terminology used for service sectors Am i right,...?ð???


Sakthi Praveen

Sakthi Praveen

CA Inter

2K+

22-Jul-20 16:53

Sakthi Praveen

I think there terminology difference i.e., gross profit and net profits are used for manufacturing companies and companies whose business involeves goods Net income and gross incomes are terminology used for service sectors Am i right,...?ð???

Gross Income and Gross profit ( in context of a business entity) are same and so are Net Income and Net profit. There is no differentiation between Manufacturing or service sectors


Sriram Somayajula

Sriram Somayajula

Admin

26-Jul-20 07:11

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