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A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called
Statement of condition
Bank reconciliation statement
Net sales equal to
Sales – Returns outwards
Purchases – Returns inwards
Sales + Returns inwards
Sales – Returns inwards
From the business point of view, interest on drawings is
Net sales – cost of goods sold – operating expenses = ?
Net operating income
Cost of goods sold available for sale
The expenses which are incurred for the generation of revenues from the sales of goods are called
Sales are equal to
None of these
Gross profit – cost of goods sold
Cost of goods sold + Profit
Cost of goods sold – gross profit
The margin that is available to cover the other expenses for a period and to yield net income is known as
Cost of goods sold
Income statement is prepared to ascertain the net result of the business concern under
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