Multiple-step Income Statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Using the Multiple-step Income Statement, match each definition with the section of the Multiple-
step Income Statement:
Income from a company's principal operating
[ Choose ]
activity; determined by subtracting cost of
goods sold and operating expenses from net [Choose]
sales.
The excess of net sales over the cost of goods sold.
Multiple-step income statement
Other expenses and losses
Various revenues, expenses, gains, and losses Other revenues and gains
that are unrelated to a company's main line
Income from operations
Operating expenses
Nonoperating activities
of operations.
Expenses incurred in the process of earning
[ Choose ]
sales revenue.
A nonoperating-activities section of the
[ Choose ]
income statement that shows expenses and
losses unrelated to the company's main line
of operations
A nonoperating-activities section of the
[ Choose ]
income statement that shows revenues and
gains unrelated to the company's main line of
operations.
An income statement that shows several
[ Choose ]
steps in determining net income.
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Transcribed Image Text:Using the Multiple-step Income Statement, match each definition with the section of the Multiple-
step Income Statement:
Income from a company's principal operating
[ Choose ]
activity; determined by subtracting cost of
goods sold and operating expenses from net [Choose]
sales.
The excess of net sales over the cost of goods sold.
Multiple-step income statement
Other expenses and losses
Various revenues, expenses, gains, and losses Other revenues and gains
that are unrelated to a company's main line
Income from operations
Operating expenses
Nonoperating activities
of operations.
Expenses incurred in the process of earning
[ Choose ]
sales revenue.
A nonoperating-activities section of the
[ Choose ]
income statement that shows expenses and
losses unrelated to the company's main line
of operations
A nonoperating-activities section of the
[ Choose ]
income statement that shows revenues and
gains unrelated to the company's main line of
operations.
An income statement that shows several
[ Choose ]
steps in determining net income.
>
>
>
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