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Accounting for Cash, Accrual and Inventory

Managerial and Cost Accounting

What is the other name of P&L statement?

Gross profit = ___________ – Cost of goods sold

Choose the option that best fills the blank space provided:Net Profit = Gross Profit – _______.

____________is the total earned from ordinary business operations.

_____________is the cost of merchandise sold during the period.

____________reflects how efficiently labour and materials are used to produce goods.

_________ are costs incurred for the purposes of earning income.

Which account shows the distribution of net profit?