The financial statement that reports whether the business earned a profit and also lists the revenues and expenses is called the:
A. Statement of retained earnings.
B. Income statement.
C. Balance sheet.
D. Statement of financial position.
E. Statement of cash flows.
Answer: B
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[APPENDIX] A permanent difference with respect to taxes is a difference that affects the tax records but not the accounting records, or vice versa
a. True b. False Indicate whether the statement is true or false
A simple scoring model is used to decide among three projects that we'll call A, B, and C. The total score for project A is 30, for project B is 20, and for project C is 10. Which of the following statements is BEST?
A) If project A is successfully completed, it will yield three times the benefits that project C would have provided. B) If project C is chosen, the company would benefit only half as much as if they had chosen project B. C) Project C is better than project B for this company at this point in time. D) Project A is better than project B for this company at this point in time.
Why is a stock exchange like NASDAQ considered a secondary market?
A) It trades the second largest volume of shares in the world. B) Shares sold on it are exchanged between investors without any involvement of the issuing corporation. C) The exchange has rules that attempt to ensure that bid and ask prices do not get too far apart. D) NASDAQ is called a secondary market because NYSE is considered a primary market.
Concise messages contain unrelated material that can distract the reader from the important points of the
message. Indicate whether the statement is true or false