Profit or Loss is computed by subtracting cost / expenses from – a. income/revenue c. sales b. sales discount d. operating expenses The Total Cost and Expenses is calculated by – a. adding cost and expenses b. subtracting expenses from costs c. adding revenue and expense d. subtracting expense from revenue

Profit or Loss is computed by subtracting cost / expenses from – a. income/revenue c. sales b. sales discount d. operating expenses The Total Cost and Expenses is calculated by – a. adding cost and expenses b. subtracting expenses from costs c. adding revenue and expense d. subtracting expense from revenue

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...

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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
As inventoriable costs expire, they become a. sales b. cost of goods sold c. operating expenses d. gross profit
Revenue minus all direct costing of making the goods or supplying the service is known as?a. Gross profitb. Cost of salesc. Expensesd. Net profit
When we reduce Total expenses from Revenue , the result is called as ........... a. Cost b. Revenues c. Expenses d. Net income or Net Loss
Topic: Single entry Requirement: - Compute the expenses - Compute the gross sales - Compute the net income
Selling expenses are subtracted from the sales price in computing amount realized. True or false
Gross profit is the difference between: Select one: a. revenues and expenses. b. net income and operating income. c. gross sales and sales discounts. d. Net sales and cost of goods sold.
Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Cost of sales
Sales Revenue is a(n) Multiple Choice O account and asset; Sales Discounts revenue: Sales Returns and Allowances revenue; Cost of Goods Sold liability; Gross Profit is an expense account.
Gross profit is equal to Select one: a. revenues - expenses b. sales - cost of goods sold c. profits plus depreciation d. earnings before taxes minus taxes payable
Which of the following is the correct calculation of selling price? O a. Cost + Mark-up O b. Expenses + Profit – Mark-up O c. Cost - Mark-up * Expenses O d. Expenses - Profit
Which is the formula for Gross Margin ratio? Seleccione una: a. Cost of Sales / Gross Revenues b. Revenues / Gross Expenses c. Revenues - Expenses d. Gross Profit / Sales Revenues e. Net Margin + Expenses / Gross Revenues