Which of the following statements related to the multiple-step income statement is not true?
A. Nonoperating items are reported separately from operations.
B. The first section of the statement reports gross profit.
C. Subtotals for total selling expenses and general and administrative expenses are reported.
D. Shows only one total for expenses.
E. Interest revenue is included with other revenue and gains.
Answer: D
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All of the following are features of a standard cost system except:
a. Standards should not be adjusted. b. Standards provide incentives for workers to keep costs in line. c. Comparisons between actual and standard are more effective than comparisons between actual costs of the current period and those of the prior period. d. A standard cost system focuses management attention on materials prices and usages.
Managers skilled in basic human relations are generally successful career counselors.
Answer the following statement true (T) or false (F)
Identify the company with a low-cost provider strategy.
A. A fashion clothing line uses sought-after designers and natural fabrics. B. A dairy products manufacturer uses exotic substitutes to produce lactose-free dairy products. C. An online retailer delivers organic groceries overnight. D. A baby products retailer sells unassembled baby furniture produced in China. E. A mortgage company specializes in lending money for second homes.
One of the categories of products for which brand extension is especially logical is
A. licensed brands. B. commodities. C. generic goods. D. generic services. E. complementary goods.