A multistep income statement divides revenues and expenses further to show. Select one: a. subtotals such as gross profit, operating expenses and operating income b. total assets and liabilities c. totals such as net income and owner's equity d. revenues and expenses without further categorization

A multistep income statement divides revenues and expenses further to show. Select one: a. subtotals such as gross profit, operating expenses and operating income b. total assets and liabilities c. totals such as net income and owner's equity d. revenues and expenses without further categorization

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 6MC: If a company capitalizes costs that should be expensed, how is its income statement for the current...

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Question

A multistep income statement divides revenues and expenses further to show:
Select one:
a. subtotals such as gross profit, operating expenses and operating income
b. total assets and liabilities
c. totals such as net income and owner's equity
d. revenues and expenses without further categorization

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Which of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted? A. net income B. retained earnings C. EBITDA D. EPS
If a company capitalizes costs that should be expensed, how is its income statement for the current period impacted? A. Assets understated B. Net Income understated C. Expenses understated D. Revenues understated
The income statement line gross profit will appear on which income statement format? Select one: a. Receipt and payment account b. Multiple step income statement c. Single step income statement d. Income and expenditure account
What is the order of the subtotals that appear on a multi-step income statement? a. Gross Profit, Operating Income, Net Income, Total Other Revenues and Expenses b. Operating Income, Gross Profit, Net Income, Total Other Revenues and Expenses c. Total Other Revenues and Expenses, Operating Income, Gross Profit, Net Income d. Gross Profit, Operating Income, Total Other Revenues and Expenses, Net Income
A vertical common-size income sheet expresses each category of the income statement as a percentage of A. assets. B. equity. C. revenue. D. operating income.
Expenses on the income statement may be grouped by: C . either function or nature.
Which of the following would not be found on a single-step income statement? Revenues. Gross profit. Expenses. Net income.
Expenses on the income statement may be grouped by ?
Particulars To Cost of goods sold To Administrative Expenses To Selling expenses To net profit 2004 12,000 400 600 3,000 16,000 2005 15,000 400 800 3,800 20,000 Particulars By Net Sales 2004 2005 16,000 20,000 16,000 20,000
In a multiple-step income statement, operating expenses are subtracted from gross profit to compute a.other income. b.income from operations. c.net loss. d.net income.
indicate whether the statement describes a multiple-step income statement or asingle-step income statement.a. Multiple-step income statement b. Single-step income statement Statement limited to two main categories (revenues and expenses).
The normal ordering of items in the income statement would be best illustrated by which of the following? Group of answer choices A. Income from continuing operations, extraordinary items, cumulative effects, discontinued operations, net income B. Income from continuing operations, discontinued operations, extraordinary items, cumulative effects, net income C. Extraordinary items, cumulative effects, income from continuing operations, discontinued operations, net income D.Discontinued operations, income from continuing operations, extraordinary items, cumulative effects, net income