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The income statement of a trading entity differs from that of a service entity as it needs to incorporate the expense associated with inventory. Select
The income statement of a trading entity differs from that of a service entity as it needs to incorporate the expense associated with inventory.
Select one:
True
False
Which of these would not be recorded as increasing income today?
Select one:
a. Credit sale
b. Future sale
c. Cash sale
d. Cash paid for half and the rest due in a month
For a retailing or manufacturing entity, profit is equal to gross profit less:
Select one:
a. cost of sales.
b. all expenses other than cost of sales.
c. taxation expense.
d. all expenses.
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