ANSWER ASAP! Multiple Choice: Write on the space provided the letter of your choice. 1. Under this presentation method, expenses are presented in the statement of comprehensive income without distinctions as to their functions within the entity. a. Nature of expense method b. Function of expense method c. Single-statement presentation d. Two-statement presentation 2. The amount of profit or loss appears in which of the following financial statements? a. Statement of Financial Position b. Statement of comprehensive income c. Statement of changes in equity d. B and C 3. In the statement of comprehensive income showing expenses according to their function, which of the following is included in the line item "Administrative expenses"? a. Salaries of sales personnel b. Cost of sales c. Freight-out d. Legal and accounting fees 4. Which of the following items is likely to be presented in the statement of comprehensive income of a merchandising business but not of a service business? a. Service fees b. Salaries expense c. Cost of sales d. Income tax expense 5. In a statement of comprehensive income showing expenses according to their function, which of the following is included in the line item "Distribution costs" or "Selling costs"? a. Insurance expense b. Legal and accounting fees c. Freight-in d. Advertising expense

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ANSWER ASAP! Multiple Choice: Write on the space provided the letter of your choice. 1. Under this presentation method, expenses are presented in the statement of comprehensive income without distinctions as to their functions within the entity. a. Nature of expense method b. Function of expense method c. Single-statement presentation d. Two-statement presentation 2. The amount of profit or loss appears in which of the following financial statements? a. Statement of Financial Position b. Statement of comprehensive income c. Statement of changes in equity d. B and C 3. In the statement of comprehensive income showing expenses according to their function, which of the following is included in the line item "Administrative expenses"? a. Salaries of sales personnel b. Cost of sales c. Freight-out d. Legal and accounting fees 4. Which of the following items is likely to be presented in the statement of comprehensive income of a merchandising business but not of a service business? a. Service fees b. Salaries expense c. Cost of sales d. Income tax expense 5. In a statement of comprehensive income showing expenses according to their function, which of the following is included in the line item "Distribution costs" or "Selling costs"? a. Insurance expense b. Legal and accounting fees c. Freight-in d. Advertising expense

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