Examlex
Which of the following statements are true?
Gross Profit
The difference between sales revenue and the cost of goods sold, before deducting operating expenses, interest, and taxes.
Fiscal Year
A 12-month period used for accounting purposes and planning by organizations, which may not align with the calendar year.
Ledger
A comprehensive collection of a company's financial transactions, divided into individual accounts, and recorded in a way that balances are always maintained across assets, liabilities, and equity.
Physical Inventory
The manual count of all merchandise or stock in a store or warehouse at a particular time.
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