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Profit & Loss - 1 Video Lecture | Quantitative Aptitude (Quant) - CAT

181 videos|146 docs|111 tests

FAQs on Profit & Loss - 1 Video Lecture - Quantitative Aptitude (Quant) - CAT

1. What is profit and loss?
Ans. Profit and loss is a financial statement that shows the revenue, expenses, and resulting profit or loss of a business over a specific period of time.
2. How is profit calculated?
Ans. Profit is calculated by subtracting total expenses from total revenue. The formula for calculating profit is: Profit = Revenue - Expenses.
3. What is the importance of profit and loss statement?
Ans. The profit and loss statement is important because it provides valuable insights into the financial performance of a business. It helps in assessing profitability, identifying areas of improvement, making informed business decisions, and attracting investors.
4. What are the components of a profit and loss statement?
Ans. The components of a profit and loss statement include revenue, cost of goods sold, gross profit, operating expenses, operating profit, non-operating income/expenses, net profit before tax, and net profit after tax.
5. How can a business improve its profit?
Ans. A business can improve its profit by increasing revenue through strategies such as increasing sales, expanding into new markets, or raising prices. It can also reduce expenses by controlling costs, streamlining operations, or negotiating better deals with suppliers.
181 videos|146 docs|111 tests

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