O-LevelAccountingPreparation of financial statements7707/12 · May/June 2012 · Q201 Mark
Which statement is correct?
Acost of goods sold - gross profit - sales returns = revenue
Bcost of goods sold – gross profit + sales returns = revenue
Ccost of goods sold + gross profit – sales returns = revenue
Dcost of goods sold + gross profit + sales returns = revenue
✓ Correct answer
D: cost of goods sold + gross profit + sales returns = revenue
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