Accounting Multiple Choice Question – 7 September 2020

Which statement below is correct?

Select ONE answer:

1. cost of goods sold – gross profit – sales returns = revenue
2. cost of goods sold – gross profit + sales returns = revenue
3. cost of goods sold + gross profit – sales returns = revenue
4. cost of goods sold + gross profit + sales returns = revenue

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 4

1. Not correct
2. Not correct
3. Not correct
4. Correct

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