Test Information This test has a time limit of 2 hours and 2

Test Information This test has a time limit of 2 hours and 20 minutes.This test will save and submit automaticaliy when the time expires Warnings appear when half the time. 5 minutes 1 minute, and 30 seconds remain Timed Test Multiple Attempts Not allowed. This test can only be taken once. Force Completion This test can be saved and resumed at any point until time has expired. The timer will continue to run if you leave the test Remaining Time: 1 hour, 16 minutes, 52 seconds. Question Completion Status 9 1:10 12 13 15 16 17 18 19 20 21 22 23 24 25 39 40 41 42 43 44 45 46 4748 49 so 26 27 28 2930 3132 33 Moving to another question will save this response. Question 20 of 50 Question 20 2 points Save A Which of the following expressions is INCORRECT o A Gross profit-operating expenses - net income before taxes oB.Sales-cost of goods sold-operating expenses net income before taxes. OC Net income before taxes operating expenses gross profit OD. Operating expenses- cost of goods sold - gross profit Moving to another question will save this response. Question 20 of 50

Solution

Calculation of the gross profit and net profit is as below Sales XXX Less: Cost of Goods Sold XXX Gross Profit XXX Less: Operating Expenses XXX Net income before Taxes XXX As per the above method option A,B & C are the correct option But the option D is not correct,because the correct fourmula is as below, Sales - Cost of Goods Sold = Gross Profit So option D is not correct Answer = Option D