In accounting terms, the concept of "profit" can be defined as?

The correct definition of "profit" in accounting terms is accurately represented by revenue minus expenses. This fundamental concept signifies that profit is the financial gain remaining after all costs associated with generating revenue have been subtracted. The first choice encapsulates the broader understanding of profit by illustrating that it encompasses all expenses, which includes the cost of goods sold as well as other operating expenses, taxes, and overhead.

The second choice, which states "sales minus cost of goods sold," refers specifically to gross profit, not profit in a general sense. Gross profit focuses solely on the profit after subtracting the direct costs of producing goods but does not account for other expenses, which are essential to fully understand overall profitability.

The third choice, "income minus taxes," zeroes in on the net income after tax, which does not encompass the entirety of profit since it only considers one aspect of expense.

The final choice, "revenue over time," describes a concept related to business performance but does not address profit directly. It lacks the necessary detail on expenses, which is crucial to defining profit.

Thus, understanding profit as revenue minus expenses provides a comprehensive view of a company's financial performance.