1. Financial statements are primarily a result of:
Governmental agency audits
The ongoing work of bookkeepers and managerial accountants
The ongoing work of bankers
Marketing efforts
2. Which of the following statements about cost of goods sold is correct?
For a manufacturer it is a measure of the cost of raw materials and supplies used for producing items for sale
Retailers do not have a cost of goods sold on their income statements
Subtract the cost of goods sold from net sales, the result is net profit
All of the above statements are correct