Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 15 - No. 5)
In the context of financial statements, what does the 'cost of sales' represent?
The total revenue from sales.
The total cost of producing or acquiring the goods sold.
The profit made from selling goods.
The expenses incurred during the sale of goods.
Explanation
Cost of sales is the direct costs associated with the goods or services a business sells.
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