Revenue from sources other than the primary operating activity of a business like interest expense is listed as  _________ on the Income Statement? Group of answer choices secondary revenue primary revenue other income or other revenue income from operations

Q: Problem #4 Point of Recognition Edgel Abear Car Repairs Shop purchases a large amount of auto parts…

A: The purchases can be computed differently by the firm either when shipped or delivered.

Q: If revenue exceeds expenses for the accounting period being measured, then we say the company…

A: net assets: Total assets - Total liabilities net loss: Expenses > Revenues net increase: Increase…

Q: Distributions of the net income of a business to its owners are called: O dividends O monetary unit…

A: Financial statement of the company is the written records of the performance of a company. It is…

Q: Which of the following accounting methods is commonly used for recognizing income and expenses in…

A: Accounting methods refer to the systematic and consistent procedures used by businesses to record,…

Q: Which of the following accounting methods is commonly used for recognizing income and expenses in…

A: Accrual basis accounting is the most common accounting method used for recognizing income and…

Q: What is the name of the accounting concept in which revenue earned  during the accounting period…

A: An accrual is a journal entry that is used to recognize revenues and expenses that have been earned…

Q: the income statement, interest revenue is found in     operating revenues and expenses.…

A: Interest revenue  earned  is not the main source of income  for a business

Q: Which of the following would be considered by the CRA to be business income rather than property…

A: Solution for the problem:Correct answer : (c) Profit from the sale of inventory items."Profit from…

Q: Which financial ratio under the categories of profitability, asset utilization, liquidity, and debt…

A: Financial ratio can be defined as the accounting ratio which helps the business in evaluating the…

Q: Match the type of expense associated with a multi-step income statement with the appropriate…

A: A multi-step income statement is a financial statement that provides a detailed breakdown of a…

Q: Expenses NOT related to the primary operations of the business are listed in a separate section of…

A: The income statement is the statement that is prepared to calculate the net income and the net loss…

Q: In which account, how do businesses keep track of their profits arising from the sale of tangible…

A: In a business, a situation arises when the firm has to sell its assets due to various reason. On…

Q: Which of the following best represents operating income? Seleccione una: Oa. Income after financing…

A: Income after financing activities (option a): This option describes the net income remaining after…

Q: That a business may only report activities on financial statements that are specifically related…

A: Accounting concepts are those rules and regulations which are used for the purpose of accounting and…

Q: Which item of the income statement represents the taxable income of the firm?     EBIT…

A: Taxable income is the income after deducting all the expenses in the business, before applying tax…

Q: The financial statements of an entity can be regarded as meaningful when OA. The statement of…

A: Financial statements are considered meaningful when they provide relevant financial information…

Q: Matching Concept: Expenses & Revenues How does sales salaries expense directly relate to revenue?…

A: The sum of all wages paid to  workers by a business, including base pay and any  fresh  gratuities…

Q: Which of the following is NOT considered to be an operating expense on the income statement? Group…

A: Theses are the main expenses of the firm that are necessary for making the product and smooth…

Q: Under accrual basis of accounting, revenue is recognized when ______________ and expenses are…

A: Accrual basis of Accounting recognises when transactions take place. Under accrual basis accounting…

Q: A In the single-step income statement: O just two groupings exist - revenues and expenses O expenses…

A: Lets understand the basics.Income statement can be prepared using two formats which are,(1) Single…

Q: Which of the following terms is used when assuming a business will continue to operate in…

A: Accounting assumptions means a set of rules that will ensure business operations of an organization…

Q: Everyday business activities are reported in the Income Statement's: A.discontinued operations…

A: Income Statement is the part of financial statement which shows the net profit or loss earned during…

Q: b. Calculate the business income apportioned to State X. Business Income State X

A: The organization operates a business to make a profit. Organizations earn income from business and…

Q: What is the owner’s right to the assets (claims to the assets) of the business called? Group of…

A: Solution: As per basic accounting equation: Assets = Liabilities + Owner's equity Therefore Lenders…

Q: Which of the following statements is correct? Mutiple Choice The term single step income statement…

A: Income statement :— It is one of the financial statement that shows profitability, total revenue and…

Q: Which are segments are reportable segments?  Is there a sufficient number of reportable segments…

A: As per US GAAP, a segment should pass the following test to become a reporting segment: -(1) 10%…

Q: Income reported for a business entity depends on the proper recognition of revenues and expenses. In…

A: Recognition of revenues and expense refers to the timing and period in which they shall be recorded…