8/30 - Instagram Story Solutions

Instagram Story Solutions

1. Revenues - Cost of Goods Sold = 

Gross Profit; Operating Profit

 

2. Gross Profit and Gross Margin are the same thing

True; False

 

3. Revenues and Sales are the same thing

True; False

 

4. Revenues and Profits are the same thing

True; False

 

5. The cash basis is more common than the accrual basis

True; False

 

6. The cash basis is easier than the accrual basis

True; False

 

7. Under the accrual basis, receiving money before you've earned it creates

Accounts Receivable; Unearned Revenue

 

8. Under the accrual basis, receiving money before you've earned it creates a(n)

Asset; Liability

 

If you're looking for a further explanation on any question just email me! :)


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