Amount Received over and above the Cost is called as profit

Income is a revenue arising as result of business transactions


Example: Goods Cost $5000 sold for
$7500 here $2500 is profit.

A portion of the office is Subletted for $ 1000 per month. $12000 will be an income for the year on account of rent received. 


Profit = Selling Price – Cost Price

No such equation is required for income.


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