This is not correct. Easy way to test this is to try equipping a ring that changes your base stats but not your damage. You will see that bonus damage changes too. So for example, if you are a mage, try equipping a ring that changes your INT but not your damage, and you will see your bonus damage also changes, which then in turn causes your damage to change as well, since damage = weapon damage x bonus damage.
To be more complete, it works like this:
Damage = [Weapon Damage + (Damage added from Ring + Amulet)] x Bonus Damage
This formula always works, but it usually a point or two off because I believe they round the numbers for display purposes.
Skill damage is then a multiple of Damage. For example, someone previously figured out that the sorcerer skill Lightning Strike = Damage x 1.7
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