Profit Is the Difference Between Which of the Following

question 101

Multiple Choice

Profit is the difference between which of the following?

• A) retained earnings and cost of goods sold
• B) revenue and expenses
• C) assets and liabilities
• D) notes payable and accounts payable

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Definitions:

Legal Research

The method of finding and gathering relevant information to aid in legal decisions, which involves the examination of laws, court decisions, and previously established legal norms.

Legal Analysis

The process of applying law to specific facts in order to advise clients, resolve disputes, or make legal decisions.

Negligence Action

A negligence action is a legal claim brought in court when one party sues another for harm caused due to their failure to exercise the level of care that a reasonable person would in similar circumstances.

Duty Of Care

The duty of all persons, as established by tort law, to exercise reasonable care in dealings with others. Failure to exercise due care, which is normally determined by the reasonable person standard, is the tort of negligence.