The primary advantage of the single-step income statement format lies in the simplicity of presentation and the absence of any implication that one type of revenue or expense item has priority over another. * True False

Choose the letter of the correct answer.

Each economic event or transaction will have a dual effect on financial position. Explain what is meant by this dual effect.   and   please describe how revenue recognition relates to transferring goods or services.

What is meant by discontinued operations, and what can I put as one example.What is meant by comprehensive income? and what example can I put down

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5. Name an “economic cost” that is omitted from the accounting income statements that should be of interest to management.

Net Profit (loss) = Revenue - Expenses True False

Limitations of the balance sheet include the following, except Group of answer choices It is the basis for calculating many financial ratios Assets and liabilities are generally reported at historical cost Judgment and estimates are used in some cases The omission of items that have financial value

Accrual accounting is accurate in determining profits. Select one: True False

TRUE or FALSE The cost should match with the revenue generated. It only means that with every income earned there is an expense given. This is called matching principle.