State which of the following statements is true and which false? If false, explain why. (a) Profit

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State which of the following statements is true and which false? If false, explain why.

(a) Profit is income earned less expenses paid.

(b) Revenue less cost of sales less expenses will give net profit.

(c) Sales returns are returns by suppliers.

(d) If closing inventory increases so will gross profit.

(e) The purchase of an item of property, plant or equipment is known as a capital expenditure.

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Accounting

ISBN: 9781119977186

3rd Edition

Authors: Michael J. Jones

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