Operating expenses are comprised of the following: O General and Administrative Expense, Cost of Goods Sold, Marketing and Selling Expense General and Administrative Expense, Interest Expense, Cost of Goods Sold O Marketing and Selling Expense, General and Administrative Expense, Finance Costs O Marketing and Selling Expense, Other Income

Operating expenses are comprised of the following: O General and Administrative Expense, Cost of Goods Sold, Marketing and Selling Expense General and Administrative Expense, Interest Expense, Cost of Goods Sold O Marketing and Selling Expense, General and Administrative Expense, Finance Costs O Marketing and Selling Expense, Other Income

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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Similar questions

A multi-step income statement ________. A. separates cost of goods sold from operating expenses B. considers interest revenue an operating activity C. is another name for a simple income statement D. combines cost of goods sold and operating expenses
Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. Sales
Which of the following represents the components of the income statement for a manufacturing business? A. Sales Revenue - Cost of Goods Sold = gross profit B. Service Revenue - Operating Expenses = gross profit C. Service Revenue - Cost of Goods Manufactured = gross profit D. Sales Revenue - Cost of Goods Manufactured = gross profit
Sales Returns and Allowances is classified as a contra-cost account on the income statement.
When an entity prepares financial statements in a current cost basis, how is the cost of goods sold computed? *
Cost of Goods Sold is classified as which type of account?a. Assetb. Liabilityc. Revenued. Expense
As inventoriable costs expire, they become a. sales b. cost of goods sold c. operating expenses d. gross profit
Which of the following represents the components of the income statement for a service business? Select one: a. Service Revenue – Operating Expenses = operating income b. Sales Revenue – Cost of Goods Manufactured = gross profit c. Sales Revenue – Cost of Goods Sold = gross profit d. Service Revenue – Cost of Goods Purchased = gross profit
The combination of Selling Expenses and Administrative Expenses is referred to as Select one: a. Total expenses b. Administrative expenses c. Selling expenses d. Operating Expenses
A product cost is: A.Shown on the income statement with operating expenses B. Expensed in the period the product is sold C. Expensed in the period in which it incurred D. Shown with current liabilities on the balance sheet
Revenue from sales of the by-product can be listed in the income statement as: a. additional cost to the product b. a deduction from the total manufacturing cost of the by-product c. a deduction from the cost of goods sold of the by-product d. additional sales revenue
Current Cost Concept - Measurement of Elements Why is Accounts Payable one of the elements that is normally presented at current cost? Please explain.