Explanation

To calculate the gross profit, use the formula:

Gross Profit = Net Sales - Cost of Goods Sold

First, calculate net sales:

Net Sales = Sales - Sales Returns

Net Sales = $300,000 - $45,000 = $255,000

Then, calculate gross profit:

Gross Profit = Net Sales - Cost of Goods Sold

Gross Profit = $255,000 - $152,000 = $103,000

So, Austin Sound reported a gross profit of $103,000.

Explanation

Adumbrate means خاکہ

Outline means خاکہ

Explanation

A key factor is one which restricts the volume of production.

It is the limiting factor in a business process that determines the maximum output or capacity of production.

Explanation

The cost concept basically recognises historical cost or the acquisition cost of the asset.

The value of an asset is to be determined on the basis of historical cost.

Explanation

The idiom "fall between two stools" means to come between two alternatives, and so fail to fulfill either of them.

It describes a situation where someone fails to achieve success because they cannot decide between two options or do not commit fully to either.

Explanation

Real accounts record dealings in commodities.

They relate to assets, such as cash, property, and equipment, which are tangible and reflect the value of resources owned by the business.

Explanation

The wrong rule is "Real account-credit what comes in."

The correct rule for real accounts is to credit what goes out.

Real accounts record assets and liabilities, and credits decrease asset accounts and increase liability accounts.

Explanation

Deterioration in the management of working capital typically refers to the debtors collection period has increased.

This indicates that the company is taking longer to collect payments from its customers.

It affecting its liquidity and working capital management.

Explanation

IAASB stands for International Auditing and Assurance Standards Board.

It sets international standards for auditing, assurance, and other related services to enhance the quality and consistency of financial reporting globally.

Explanation

Merriments means خوشیاں

Sorrow means دکھ