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Distinguish between gains and profits?
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Distinguish between gains and profits?
Profit is the total sales minus cost, i.e. that earned from the regular business operations. Whereas gain is regarding the additional amount earned on an investment. Generally profit is more related to the daily operational transactions of the business unlike gain which is from sale of assets / investments.
Community Answer
Distinguish between gains and profits?
Gain is that form of profit that we get on sale of fixed assets. Profit is that we get on sale of goods not fixed asset.
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Distinguish between gains and profits?
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