5. QuickBooks Series - Getting Started - Accounting and Bookkeeping Basics for Small Business Owners 11. What is not assets? Back Bank accounts Accounts receivable Notes payable O Prepaid expenses 12. Costs of Goods are: O Products (inventory) Freight Storage O All of above 13. How do you calculate gross profit? O Total Sales (minus) Total Expenses Total Sales (minus) Cost of Goods Sold Total Sales (minus) Cost of Goods Sold (minus) Total Expenses O Total Sales (minus) Cost of Goods Sold (minus) Total Expenses (minus) Income Tax Next 5 points 5 points 5 points