COST ACCOUNTING
COST ACCOUNTING STANDARDS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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One or more individuals selling products or services for profit
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The government agency responsible for the collection of tax and enforcement of tax laws.
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Detailed explanation-1: -For example: let’s say a business’s monthly expenses for the month of October are Rs 3, 150, which includes salaries, electricity, and all the materials, and the revenue is Rs 4, 050. Hence, the profit for the month of October is Rs 900.
Detailed explanation-2: -For a business, revenue is all of the money it has earned. Income/profit usually incorporates other facets of a business. For example, net income or incorporate expenses such as cost of goods sold, operating expenses, taxes, and interest expenses.
Detailed explanation-3: -What Is Profit? Profit describes the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question.