This section is from the book "Real Estate Accounts", by Walter Mucklow. Also available from Amazon: Real Estate Accounts.
The word "profit" is variously defined according to its use in general business or in economics; but the particular definitions of this term in connection with real estate accounting are:
1. Excess of selling price over original cost.
2. Advantage (gain) resulting from the employment of capital, the corresponding gain from labor being known as wages.
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