Multiple-step income statements:
A. List cost of goods sold as an operating expense.
B. Contain more detail than a simple listing of revenues and expenses.
C. Are required by the FASB and IASB.
D. Are required for the periodic inventory system.
E. Are only used in perpetual inventory systems.
Answer: B
You might also like to view...
A univariate hypothesis test using the t distribution, which is used when the standard deviation is unknown and the sample size is small, is called the z-test
Indicate whether the statement is true or false
Gary Hamel suggests we need to look at management as a process and then make improvements and innovation
A. intuitively. B. only if doing so results in synergy. C. ongoing and systematic. D. only if doing so saves money. E. occasionally.
A company sold an investment in trading securities originally costing $30,000, for $28,000 . At the beginning of the year, the investment had a valuation allowance of $3,000, debit. What is the correct disclosure for these events on the statement of cash flows prepared under the direct method, assuming that this is the only investment in trading securities?
a. $28,000 operating cash inflow; add $5,000 in the reconciliation of earnings and net operating cash flow b. $28,000 operating cash inflow c. $28,000 operating cash inflow; add $33,000 in the reconciliation of earnings and net operating cash flow d. Add $5,000 in the reconciliation of earnings and net operating cash flow.
Up to six generations of a family are considered as one shareholder for purposes of the 100-shareholder limit.
Answer the following statement true (T) or false (F)