Multiple Choice
Which of the following statements about gross profit is not true?
A) Gross profit is equal to sales less cost of sales
B) An entity cannot be sustainable unless the gross profit is positive
C) Gross profit is applicable to manufacturing and retail businesses
D) Gross profit is equal to total income minus total expenses
Correct Answer:
Verified
Correct Answer:
Verified
Q29: Under the accounting standard governing the
Q30: Retained earnings,retained profits or accumulated profits are
Q31: Which of these items,under the current accounting
Q32: Which of the following is not disclosed
Q33: If sales = $45 000,purchases = $25
Q35: An entity's financial year ends on 30
Q36: Which of these is not an income
Q37: The accounting standard that prescribes disclosure of
Q38: Which of these will be recorded as
Q39: The accounting standards require all reporting entities