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Intermediate Questions: Profit & Loss Video Lecture | CSAT Preparation - UPSC
FAQs on Intermediate Questions: Profit & Loss Video Lecture - CSAT Preparation - UPSC
| 1. What is profit and loss? |  |
Ans. Profit and loss is a financial statement that shows the revenues, costs, and expenses incurred during a specific period of time. It calculates the net profit or loss by deducting the total expenses from the total revenue.
| 2. How is profit calculated? | |
Ans. Profit is calculated by subtracting the total expenses from the total revenue. The formula to calculate profit is: Profit = Total Revenue - Total Expenses.
| 3. What is gross profit? | |
Ans. Gross profit is the profit earned by a company after deducting the cost of goods sold (COGS) from the total revenue. It represents the profitability of a company's core operations before considering other expenses such as overhead costs.
| 4. What is net profit? | |
Ans. Net profit is the profit earned by a company after deducting all the expenses, including COGS, operating expenses, interest, and taxes, from the total revenue. It represents the final profitability of a company after considering all costs.
| 5. How can a company increase its profit? | |
Ans. A company can increase its profit by either increasing its revenue or reducing its expenses. Some strategies to increase profit include increasing sales, reducing wastage, improving operational efficiency, negotiating better deals with suppliers, and implementing cost-cutting measures.
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