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Question
The excess of income and gains over expenses and losses represents _____________.
The excess of income and gains over expenses and losses represents _____________.
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Solution
The correct option is B net profit
Net Profit= Income+Gains-Expenses-Losses.If any form of inflow > any flow of outflow of the business, the net position is positive and the business is profitable.The remaining amount is carried forward to the balance sheet and added to arrive at net capital position.
Net Profit= Income+Gains-Expenses-Losses.
If any form of inflow > any flow of outflow of the business, the net position is positive and the business is profitable.
The remaining amount is carried forward to the balance sheet and added to arrive at net capital position.
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