Identification of Profit And Loss Account Items - SS1 Accounting Past Questions and Answers - page 1

The cost of goods sold

The money a company earned during the period

The expenses incurred by a company

Revenue is the money earned by a company, and gross profit is the revenue minus operating expenses.

Revenue is the money earned by a company, and gross profit is the revenue minus the cost of goods sold.

Revenue and gross profit are the same thing.

The costs incurred by a company to operate its business, such as rent and salaries.

The costs incurred by a company to produce its products or services.

The non-operating items that affect a company's profit or loss.

To show the direct costs of producing a company's products or services.

To show the non-operating items that affect a company's profit or loss.

To show the difference between the revenue and the expenses.

The total profit or loss made by a company during the period.

The difference between the gross profit and the operating expenses.

The difference between the revenue and the cost of goods sold.