A ________ statement is a financial statement that summarizes the revenue, costs, and expenses incurred during a specific period of time.
A. profit and loss
B. pro forma
C. liabilities owed
D. balance
Answer: A
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Why are stereotypes potentially harmful?
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. If a company reduces its fixed costs, the operating income will increase by the same amount as the cost reduction. 2. Managers' decisions may cause costs to behave differently than predicted by CVP analysis. 3. Managers can use contribution margin to predict the change in operating income when volume changes. 4. If all other factors remain constant, an increase in fixed costs will increase the breakeven point. 5. The amount by which sales can decrease before the company incurs an operating loss is called the breakeven point.
Which of the following accounting terms assumes that a business's activities can be divided into small segments and that financial statements can be prepared for specific periods, such as a month, quarter, or year?
A) adjusting entry concept B) economic entity concept C) matching principle D) time period concept
Which companies do PCI-DSS affect?
A) E-commerce firms B) Medical firms C) Government organizations D) Companies that accept credit card payments