Multiple-step income statements: Multiple Choice separate core results from peripheral results. includes one subtotal for revenues and one for expenses. exclude certain significant items from net income. only report core results.

Multiple-step income statements: Multiple Choice separate core results from peripheral results. includes one subtotal for revenues and one for expenses. exclude certain significant items from net income. only report core results.

Name: 6 Multiple-step income statements: Multiple Choice separate core resul
Uploaded: 2024-03-05T11:47:04.000Z
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Description: 6 Multiple-step income statements: Multiple Choice separate core results from peripheral results. includes one subtotal for revenues and one for expenses. exclude certain significant items from net income. only report core results.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.13MCE

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Similar questions

A simple income statement ________. A. combines all revenues into one category B. does not combine all expenses into one category C. separates cost of goods sold from operating expenses D. separates revenues into several categories
11) ___________________________ in which the similar expenses are grouped together and intermediate figures such as gross profit, operating income, EBIT, etc. are calculated. a. Multi step income statement b. Income statement c. Single step income statement d. None
Gross profit and income from operations are reported on a multiple-step but not a single-step income statement. * True False
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 Commonly reports detailed computations of net sales and other costs and expenses.
Which of the following statements related to the multiple-step income statement is false? Subtotals for total selling expenses and general and administrative expenses are reported. Interest revenue is included with other revenue and gains. The first section of the statement reports gross profit. Only one total for all expenses is shown. Non-operating items are reported separately from operations.
Which of the following best describes a single-step income statement? a.Operating expenses are divided into the subcategories of selling expenses and general expenses. b.Gross sales is shown first, less sales returns and allowances and sales discounts. c.Operating expenses are listed and subtracted from the gross profit to compute income from operations. d.All revenue items and their total are listed first, followed by all expense items and their total.
Multiple-step income statements: a. Show both gross profit and income from operations b. Show neither gross profit nor income from operations c. Show income from operations but not gross profit d. Show gross profit but not income from operations
4. Matching concept does not include one of the following: a. The revenues of a particular period must match with the expenses of that period. b. This concept also required allocation of cost on different accounting periods. c. Revenues should only be recorded if there is reasonable certainty about its realization. d. The comparison of incomes and expenses of a period gives the net profit or loss for that particular period.
The amount reported for comprehensive income Select one: is the same as net income. is less than net income. is greater than net income. can be greater than or less than net income.
Topic: Single entry Requirement: - Compute the expenses - Compute the gross sales - Compute the net income
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
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 Reports gross profit on a separate line.