Common terminology, but not definitions in U.S.GAAP and IFRS, often refers to the difference between sales and cost of sales as gross margin, gross profit, or gross income.

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It is true that gross margin, gross profit, and gross income are all commonly used terms to describe the difference between sales and cost of sales. However, while these terms may be used interchangeably, they do not have consistent definitions in U.S. GAAP and IFRS.

Common Terminology, but Not Definitions in U