Accounting · Financial Statements
Identify which of the following accounting formulas is INCORRECT:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Cost of Goods Sold = Purchases + Direct expenses - Closing stock
- 2Gross profit = Net Sales - Cost of Goods Sold
- 3Net profit = Gross profit - Other incomes + Indirect expenses✓
- 4Net profit = Gross profit + Other incomes - Indirect expenses
Correct answer
Net profit = Gross profit - Other incomes + Indirect expenses
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Accounting?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Financial Statements MCQs →Want more practice questions on Financial Statements?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Accounting · Financial Statements