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Question
Gross profit is total revenue.
Gross profit is total revenue.
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Solution
The correct option is B False
Gross profit is a required income statement entry that reflects total revenue minus cost of goods sold (COGS). Gross profit is a company's profit before operating expenses, interest payments and taxes. Gross profit is also known as gross margin.
Gross profit is a required income statement entry that reflects total revenue minus cost of goods sold (COGS). Gross profit is a company's profit before operating expenses, interest payments and taxes. Gross profit is also known as gross margin.
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