Describe an income statement and its functions
What will be an ideal response?
Answer: Answer: An income statement consists of three parts: income, expenses, and surplus funds. Income includes revenue from all sources and all parties contributing to the household. Typical expense items are housing, food, clothing and personal care, charitable contributions, recreation, medical expenses, insurance, and transportation. Surplus funds tell if you have any money left over at the end of the month or if you spent more than you earned. An income statement shows an itemized list of expenditures and allows you to isolate areas where you are over-spending. The statement is a good planning tool for budgets and income tax preparation.
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In a simple request for information or action, ________ will get the job done
A) using a direct approach B) using a dramatic approach C) using an indirect approach D) using a tangential approach E) using a persuasive approach
Which of the following is an application of conservatism?
A) reporting inventory at the lower of cost or market B) reporting only material amounts in the financial statements C) reporting all relevant information in the financial statements D) using the same depreciation method from period to period
For a gift of ownership of real property to be valid, the donor must:
A. deliver a properly executed deed to the property to the donee. B. ensure that the donee or third party takes possession of the property. C. will it to a third party. D. simply attempt to make the gift without delivering the deed.
In a sense, office landscaping is a blend of the modular and cluster workstation approaches
Indicate whether the statement is true or false.