On an Income Statement, Net Sales Minus Cost of Goods

question 103

Multiple Choice

On an income statement, net sales minus cost of goods sold equals

• A) delivered cost of purchases.
• B) cost of goods available for sale.
• C) net income.
• D) gross profit.
• E) beginning inventory.

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Definitions:

Osteons

Structural units found in compact bone, consisting of a central canal surrounded by concentric rings of calcified matrix.

Circumferential

Pertaining to or forming a circle or a circumference.

Concentric

A type of muscle contraction where the muscle shortens while generating force, commonly occurring during the lifting phase of an exercise.

Interstitial

Pertaining to spaces within tissues or organs, outside of the blood vessels and cells.