GROSS PROFIT Definition

Bookmark and Share

GROSS PROFIT is net sales minus cost of sales.

Learn new Accounting Terms

CASH is money, in the form of notes and coins, which constitutes payment for goods at the time of purchase.

BACKUP WITHHOLDING is a mandatory withholding that may be imposed when rules regarding taxpayer identification numbers, (usually a Social Security number) are not met by the individual. Another way for these withholdings to take effect is when a notice is issued by the IRS to withhold on payments to that individual. Backup withholding may be claimed as a credit by taxpayers on their federal income tax return.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.