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Which of the following statements regarding gross profit is false? Multiple Choice Gross profit is also called gross margin. Gross profit less other operating

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Which of the following statements regarding gross profit is false? Multiple Choice Gross profit is also called gross margin. Gross profit less other operating expenses equals income from operations. Gross profit is calculated on the single-step income statement, not the multi-step income statement. Gross profit must cover all operating expenses to yield a return for the owner of the business. Gross profit equals net sales less cost of goods sold.

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