Income And Profit Same

The terms profit and income are often synonymous especially net profit and net income which are quite similar but are different from the point of view of accounting.
Income and profit same. For example the income statement was commonly referred to as the profit and loss p l statement. When a company is profitable we mean that the company has a positive net income. Profit in simple terms is the surplus amount left after deducting all the expenses from the revenue. Net income and net profit are two terms frequently used by accountants and business owners alike.
Some people intend for the terms income and profit to have the same meaning. The blueprint explains each term and clarifies if there is a difference between them. While net income is synonymous with a specific figure profit conversely can refer to a number of figures.