sample-Testbank Survey of According.th-Edition by Carl-Warren-TS Mailings Review View Add-ins Acrobat .doc - Microsoft Word sert Page Layout References Purple Blue Turquoise Green Olive Yellow Red Pink Save Preferences Step 4. Click the colour to create your Template De Chapter 2: Basic Accounting Concepts 84. Year 2 Year 1 Sales $170,000 $130,000 Cost of sales 135.000 105,000 Gross profit $ 35.000 $ 25.000 Using the above information, calculate the percentage increase or decrease in cost of sales from Year 1 to Year 2? a. Increase of 2.1% b. Decrease of 1.4% c. Increase of 1.4% d. Decrease of 2.1% ANSWER: b 85. What are the basic elements of a financial accounting system