Define Gross Profit

Explain Gross Profit.

Gross Profit is a company’s revenue minus its cost of goods sold. It is also known as gross margin and gross income. It is calculated by subtracting all costs related to sales i.e manufacturing expenses, raw materials, labour, selling and advertisement expenses from sales. It is an indication of the managements’ efficiency to use labour and material in the production process.

Gross Profit = Net Sales – Cost of Goods Sold
Define Net Profit
Net Profit/ Operating Profit Net profit, also known as operating profit is actual earnings of the company…
What role does time keeping department play in managing the labour cost?
The main functions of time keeping department in managing the labour cost are as follows:...What are the different methods used for time keeping?..
What is time booking? What are the different methods used for doing this?
Daily Time Sheets, Weekly Time Sheets, Job Card ...Job Card is a method of recording details of time with reference to the jobs or work orders undertaken by the workers…
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