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IV. True or False. TAM OJIO II 1. Freight in is transportation cost shouldered by the company when delivering goods to customers. 2. A negative (-) sign is used to represent business losses. 3. Purchase discount is a contra purchase account. 4. "For the year ended" is part of the heading of the Statement of Financial Position. 5. Gross Profit is equal to net Sales less Cost of Goods Sold (Cost of Sales). 6. Deduct freight in to Net purchases to get the Net Cost of purchases. 7. Merchandising is the same as trading, business. 2129din 8. Sale is revenue from goods sold. 9. Personnel Salaries is selling expense. 10. General expense is also known as administrative expense.
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