it of What is considered a summary of profit or loss? Select one: a. Retained earnings b. Dividends c. Income statement d. Balance sheet

Which of the following is true about financial statements? Select one: O a. Statement II only O b. Statement I only Ос. No correct answer O d. Both I & II O e. Statement I: Financial statement gives a summary of accounts. Statement II: Financial statements can be stated as recorded facts.

What is vertical analysis? What item is used as the base for the income statement? What item is used as the base for the balance sheet?

Accounting type Question: The basis of income Measurement is A. Matching concept B. Accounting Period concept C. Money Measurement concept D. Cost concept

Which of the following is not an element of the income statement? Revenues. Liabilities. Expenses. Gains.

which of the following comes first in the income statement O a. finance cost O b. gross profit O C. C. cost of sales O d. distribution cost

The retained earnings statement should be prepared a.after the income statement and before the balance sheet b.after the income statement and balance sheet c.before the income statement and after the balance sheet d.before the income statement and balance sheet

Why do gains and losses go below "operating income" on the income statement?

when putting together an income statement do the revenues and expenses have to put in order from highter amount to lowest?