14. Expenses other than cost of goods sold, that are incurred in the entity's major line of business are called: a. merchandising expenses b. servicing expenses c. other expenses d. operating expenses 20
14. Expenses other than cost of goods sold, that are incurred in the entity's major line of business are called: a. merchandising expenses b. servicing expenses c. other expenses d. operating expenses 20
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:14. Expenses other than cost of goods sold, that are incurred in the entihy's
C.
major line of business are called:
a. merchandising expenses
b. servicing expenses
c. other expenses
d. operating expenses
d.
20. A
dis
a.
b.
15. Which one of the following is not a difference between a retail business and
С.
a service business?
d.
a. in what is sold
b. the inclusion of gross profit in the income statement
c. accounting equation
d. merchandise inventory included in the balance sheet
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