Page 1 Question 15 (1 point) Gross profit equals the difference between net sales and Cost of Goods Sold plus Operating Expenses 1 Net Income Cost of Goods Sold 11 Operating Expenses 13 14 1 16 17 10 Question 16 (1 point) The primary difference between a periodic and a perpetual inventory system is that a periodic system 10 20 1 R O determines the cost of goods sold at the end of the accounting period. records the cost of yoods sold on the date the sale is made, provides better control over inventories. keeps a detailed record showing the inventory on hand at all times. 25 26 20 20 Question 17 1 point) Allowing only the treasurer to sign cheques is an example of which control activity? 21 02 13 physical control 35 documentation sono due assignment of rego