Question 1

Total comprehensive income must now be disclosed on the face of the income statement.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following statements is true?

Accepted Answer

A)  Only service companies report both cost of goods sold and gross profit. 
B)  Cost of goods sold is the largest expense item for many firms. 
C)  Cost of goods sold is not affected by the choice of inventory valuation method. 
D)  Cost of goods sold equals gross profit. 
A)  Only service companies report both cost of goods sold and gross profit. 
B)  Cost of goods sold is the largest expense item for many firms. 
C)  Cost of goods sold is not affected by the choice of inventory valuation method. 
D)  Cost of goods sold equals gross profit.

Question 3

Gross profit is equal to net sales plus cost of goods sold.

Accepted Answer

A) True 
 B)False

Total comprehensive income must now be disclosed on the face of the income statement.

Which of the following statements is true?

Gross profit is equal to net sales plus cost of goods sold.

Financial Statements: an Overview

The Balance Sheet

Statement of Cash Flows

The Analysis of Financial Statements

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Exam 3: Income Statement and Statement of Stockholders Equity

Total comprehensive income must now be disclosed on the face of the income statement.

Which of the following statements is true?

Gross profit is equal to net sales plus cost of goods sold.

Financial Statements: an Overview

The Balance Sheet

Statement of Cash Flows

The Analysis of Financial Statements

Filters