Economics · Final Accounts
With respect to final accounts, which of the following expressions is conceptually incorrect?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1If the balance of an account is on the debit side of the trial balance where profit has already been liquidated, it is treated as an expense.
- 2When an asset is acquired, it gives rise to expenditure and when it is consumed, it gives rise to cost.
- 3Unsold cost of goods sold = gross profit✓
- 4If the debit side of the trading account exceeds its credit side, the balance represents a gross loss.
Correct answer
Unsold cost of goods sold = gross profit
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