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Accounting Profit vs Economic Profit Profit, as known to many of us is the excess of income over the expenses incurred. When a sole trader sells a pair of shoes for $10 that cost $3 to produce, many would say that he earned a profit of $7. However, this may not be the case […]
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Salary vs Income Any individual requires some form of inflow of funds in order to purchase the goods and services that can satisfy their needs. Salary and income share common properties in that they are both forms of monetary inflows of funds that are received by an individual. The two are different from each […]