16. Operating Profit is the income after subtracting all the expenses from the gross margin (true/false)

17. Net profit is after subtracting all expenses from the revenue (true/false)

18. An Income statement is a report showing how well the business used its resources over a period of time. (true/false) 19. A debit increases an asset or an expense account (true/false)

20. Depreciation is the allocation of the cost of an asset with a life longer than a year (true/false)