Which of the following statements is correct?
A. Accounting profit is the difference between cash receipts and cash paid in a period.
B. Accounting profit is the total of cash sales in the year iess the expenses for the period.
C. Accounting profit is the difference between revenue income and expenses for the period.
D. Accounting profit is the difference between revenue income and cash payment for the period.
Answer:C
Which of the following statements is correct?
A. Accounting profit is the difference between cash receipts and cash paid in a period. B. Accounting profit is the total of cash sales in the year iess the expenses for the period. C. Accounting profit is the difference between revenue income and expenses for the period. D. Accounting profit is the difference between revenue income and cash payment for the period.