Net Profit Refers to

question 227

Multiple Choice

Net profit refers to

• A) the result of deducting liabilities from the assets of the firm.
• B) the result of subtracting cost of goods sold from revenues.
• C) the result of deducting depreciation expense from revenues.
• D) the net earnings after the deduction of all expenses, including tax expense.

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Definitions:

Membership Restriction

Rules or criteria set by an organization or community that limit or define who can join or participate in the group.

Unilineal Descent

A system of tracing descent through only one parent, either the mother (matrilineal) or the father (patrilineal), which can determine group membership and inheritance.

Clans And Lineages

Social groups based on kinship and descent, where clans are large kin groups that claim a common ancestor, and lineages are smaller, proving descent from a common ancestor.

Kinship System

The pattern of social relationships and roles within a culture that are determined by blood relationship (consanguinity) and marriage (affinity).