Difference Between Revenue And Profit And Turnover
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Even so the uk s generally accepted accounting principles gaap take a broader view.
Difference between revenue and profit and turnover. The main difference between turnover and revenue is that turnover relates to the total transaction of a business and revenue is the income received from selling products or services. Turnover implies the business or trading done by a company in terms of money in a given period. In the united kingdom the term turnover is used for the same purpose. Turnover are as follows revenue represents the amount of money a company makes by selling its goods or services to the customers.
Conversely revenue refers to the proceeds received by the company in a particular period. Net income or profit ratio gross profit ratio operational profit ratio etc. Difference between turnover and profit. The critical differences between revenue vs.
Companies can also raise money from investors but that money is not revenue. In the united states businesses use the term revenue with regard to how much income a company generates. The difference between turnover and revenue is that turnover refers to how quickly any company sells its inventories or how quickly it collects cash from accounts receivable whereas revenue is the money earned by a company by simply selling their goods and services at a certain price to generate the maximum profit out of it. Revenue is the amount of money coming into a company through sales.
On the other hand turnover refers to the number of times a company burns through assets like inventory cash and workers. Turnover is the total revenue earned from sale of products and or services by an entity. What is the difference between revenue and turnover. Economic theory describes revenue as the number of units a business sells or its number of customers multiplied by the price of its goods or services.
The differences between turnover and profit have been detailed below. Profit is the income earned by the company after considering deduction of total expenses from total revenue of the entity. Now it s time to look at revenue. Knowing the difference between turnover and revenue will help you use the words correctly.
Expenses are the money the company spends.
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