Which of the Following Expressions Is Incorrect

question 211

Multiple Choice

Which of the following expressions is incorrect?

• A) Gross profit - operating expenses = net income
• B) Sales - cost of goods sold - operating expenses = net income
• C) Net income + operating expenses = gross profit
• D) Operating expenses - cost of goods sold = gross profit

Apply adjustment entries for depreciation, supplies, prepaid insurance, and wages to update a worksheet.

Comprehend the conceptual and practical benefits of using a worksheet in financial reporting.

Execute adjustment entries for equipment depreciation, accrued salaries, and supplies to complete a worksheet.

Identify and describe various types of checks used in medical offices.

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Definitions:

Duty of Care

Duty of care is a legal obligation that requires individuals or organizations to adhere to a standard of reasonable care while performing acts that could foreseeably harm others.

Financial Statements

Documents that report the financial activities and condition of a business or entity, including the balance sheet, income statement, and cash flow statement.

Land Title

A legal document or evidence that proves ownership of a piece of land.

Solicitor-Client Privilege

A legal principle that protects the confidentiality of communications between lawyers and their clients.