MEANING OF GROSS INCOME AND NET INCOME

GROSS INCOME

Gross income is the total amount of income earned over a period of time (often a fiscal quarter or a year). It is, essentially, how much the company makes on a product minus expenses directly related to creating the product. Other additional expenses are included in the figure (gross doesn’t deduct those additional expenses, only COGS). Gross income is the revenue generated from a business’s sales or an individual’s labor.

Gross income can also be known as gross profits when being used to discuss the income of a business. Gross business income is the company’s profit before expenses are deducted……..

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