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Which of the following statements is true of the use of staged manipulations?
Long-Term Liabilities
Obligations that are not due or payable for a long time, usually for more than a year.
Net Sales
The total revenue from sales reduced by returns, allowances, and discounts.
Gross Profit
The difference between sales revenue and the cost of goods sold, before deducting overhead, payroll, taxation, and interest payments.
Cost of Goods Sold
The total direct costs incurred in producing goods which are sold, including materials and labor.
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