Which of the following expressions is incorrect?Gross profit - operating expenses = net incomeNet income + operating expenses = gross profit● Sales revenue - cost of goods sold - operating expenses = net income● Operating expenses - cost of goods sold = gross profit

Operating expenses - Cost of goods sold = Gross profit, This is Incorrect…

Answered: Which of the following expressions is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What type of expenses are deducted as a part of gross profit? A)"Cost of goods sold" only B)"Selling, general and administrative" only C)"Cost of goods sold" and "Selling, general and administrative expense" D)"Cost of goods sold", "Selling, general and administrative expense" and E)"Interest expense"
Payable turnover is a measure of cost of goods sold and accounts payable. Select one: O True O False
QUESTION 22 Which of the following is an incorrect statement? Revenue - Operating Income = Gross Margin Revenue = Price * Qty sold or TR = P*Q EAT = EBT - Taxes Income - Expenses = Operating Income Revenue - CGS = Gross Profit
True or false 1. Cost of goods sold is an operation expense 2. Gross profit is equal to net sales plys cost of goods sold
Which of these expressions is correct? (A Profit plus operating expenses = sales (B) all of these are correct C Gross profit less operating expenses = net profit (D) Sales plus cost of sales less operating expenses = net profit
Gross profit is A) Cost of goods sold + Opening stock B) Sales cost of goods sold C) Sales Purchases D) Net profit expenses
in a merchandising business gross profit is equal to the sales revenue minus (a) the sum of cost of goods sold and sales commissions (b) cost of goods sold (c) the sum of cost of goods sold and operating expenses (d) the sum of cost of goods sold, operating expenses and prepaid expenses
Gross profit is the gross sales price charged for the goods sold A.True B.False
Selling expenses DOES NOT include: A. Advertising expense B. Making sales C. Accounting and Human Resources expense D. Delivering goods to customers
What is the difference between gross profit method & the retail method?
True or False: Gross profit is equal to the gross profit margin multiplied by the net sales. Select one: O True O False 4
Gross profit is: The amount left over after cost of goods sold is subtracted from net sales. A.Net sales less operating expenses. B.Sales less sales discount. C.less sales discounts. D.Net sales less selling expenses

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Which of the following expressions is incorrect? Gross profit - operating expenses = net income Net income + operating expenses = gross profit ● Sales revenue - cost of goods sold - operating expenses = net income ● Operating expenses - cost of goods sold = gross profit