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Unformatted text preview: Owner's equity. Correct Answer: accounting Question 7 1 out of 1 points The difference between your sales and your cost of goods sold is known as your ________. Correct Answer: gross profit or gross margin Question 8 1 out of 1 points The purpose of accounting is to help ________, who are interested in the activities of a business because they're affected by them. Correct Answer: stakeholders Question 9 1 out of 1 points All of the following appear in the financial statements prepared by accountants except ________. Correct Answer: marketing budgets Question 10 1 out of 1 points ________ are principles for financial reporting established by an independent agency called the Financial Accounting Standards Board. Correct Answer: Generally accepted accounting principles...
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