Gross profit is equal to Sales revenue less Sales returns and allowances,and Sales discounts.

Name: Gross profit is equal to Sales revenue less Sales returns and allowances,and Sales discounts.
Brand: Quizplus
Rating: 4.9 (36 reviews)

Question

Quizplus · Accepted Answer

Gross profit is calculated as Sales revenue less Cost of Goods Sold (COGS), not Sales returns and allowances, and Sales discounts. Sales returns and allowances, and Sales discounts are deducted from Sales revenue to calculate Net Sales, not Gross Profit.

Gross Profit Is Equal to Sales Revenue Less Sales Returns