The art involved in determining profit
If you can learn the art involved in determining profit, you will have unlocked one of the secrets of business and increased your personal financial intelligence by a factor of 100. Heck, maybe even 1000. This week you were asked to read Part Two of your Financial Intelligence textbook (pp.43-88) which is titled The (Many) Peculiarities of the Income Statement. We hope you took notes because this discussion asks you to dig back into the reading to answer a series of important questions:
- Why is profit an estimate?
- What does “cracking the code of the income statement” mean to you?
- Why can revenue be a murky measure?
- Explain why there aren’t hard-and-fast rules associated with costs and expenses.
- What are the many forms of profit? Which do you think would be most important for a manager to understand?
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