Common terminology, but not definitions in U.S.GAAP and IFRS, often refers to the difference between sales and cost of sales as gross
A)sales.
B)profit.
C)operations.
D)all of the above
E)none of the above

Question

Quizplus · Accepted Answer

The common terminology referring to the difference between sales and cost of sales is gross profit. However, this term is not defined in either U.S. GAAP or IFRS.

Common Terminology, but Not Definitions in U