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An accountant's version of profit would be different from an economists definition of profit. As they say, 10 different accountants would arrive at 20 different profit figures for the same accounts, at the same time. Similarly, a businessman's definition of profit would be significantly different from the taxman's definition of profits. Even the businessman would wary his definition of profit for various purposes, at different times. For example if the business man wants to apply for a loan, or avail an overdraft facility or financing facility from a bank or a financial institution, he would want to show a relatively higher profit and would go to any extent to do so...
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