Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when cash is received or paid.
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2. SCOPE OF FINANCIAL STATEMENT ANALYSIS enses incurred to provide those goods and services. In addition, profit (or loss) includes other income (such as investing income or income from the sale of items other than goods and services) minus the expenses incurred to earn that income. <span>Overall, profit (or loss) equals income minus expenses, and its recognition is mostly independent from when cash is received or paid. Example 1 illustrates the distinction between profit and cash flow.
Profit versus Cash Flow
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