题目内容

Which statement is true?

A. The Sales account is used to record only sales on account.
B. Gross profit is the excess of sales revenue over cost of goods sold.
C. A service company purchases products from suppliers and then sells them.
D. Purchase returns and allowances increase the net amount of purchases.

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A. statement of retained earnings
B. balance sheet
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D. income statement

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B. as a contra account to cost of goods sold
C. as an asset
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A. original cost, less physical deterioration.
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