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 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.
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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Question
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.
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