Which of the following statements is incorrect? (a) The gross profit less all expenses of operating a
Question:
Which of the following statements is incorrect?
(a) The gross profit less all expenses of operating a business is the net profit
(b) The amount a business owes its proprietor decreases by the drawings he makes in the year
(c) The amount a business owes its proprietor decreases by the net profit it makes in the year
(d) Sales minus the cost of goods sold minus all expenses incurred equals net profit
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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