Both, distribution costs and administrative expenses are part of the cost of goods sold in the statement of income.   Question 13 options:   1) False   2) True

Which of the following costs would not be included in accounting financial statements? O A. opportunity costs O B. sunk costs O C. historical costs O D. All of the above would be included in accounting financial statements

Gross profit is the gross sales price charged for the goods sold A.True B.False

True or False: Gross profit is equal to the gross profit margin multiplied by the net sales. Select one: O True O False 4

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

Which of the following statements correctly complete the sentence:"Gross Margin equals":I.   sales revenue less (minus) cost of goods sold.II.  contribution margin less (minus) fixed costs.III. operating income plus all period costs.IV.  sales revenue less (minus) cost of goods manufactured.