Bba 290

Topics: Income statement, Revenue, Expense Pages: 3 (418 words) Published: April 30, 2013
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| The first caption in most income statements in annual reports is:Answer | | | | | Selected Answer:| b. net sales.|
Correct Answer:| b. net sales.|
Answer Feedback:| Correct.|
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| Gains differ from revenues because gains:Answer | | | | | Selected Answer:| e. are not a result of the entity's ongoing, central operations.| Correct Answer:| e. are not a result of the entity's ongoing, central operations.| Answer Feedback:| Correct.|

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| When the periodic inventory system is used:Answer | | | | | Selected Answer:| e. cost of goods sold can be calculated by subtracting the ending inventory amount from the sum of beginning inventory and purchases| Correct Answer:| e. cost of goods sold can be calculated by subtracting the ending inventory amount from the sum of beginning inventory and purchases| Answer Feedback:| Correct.|

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| Because of their importance to financial statement users, certain expenses are normally reported as separate items on the income statement (especially when significant in amount). Which of the following expenses is not normally reported as a separate item?Answer | | | | | Selected Answer:| a. Advertising Expense|

Correct Answer:| a. Advertising Expense|
Answer Feedback:| Correct|
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| Income from operations is:Answer | | | |
| Selected Answer:| b. sometimes used in the ROI calculation.| Correct Answer:| b. sometimes used in the ROI calculation.| Answer Feedback:| Correct.|
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| Which of the following transactions would not be shown under the operating activities category of the Statement of Cash Flows (using the direct method):Answer | | | | | Selected Answer:| b. cash paid to purchase land.|

Correct Answer:| b. cash paid to purchase land.|
Answer Feedback:| Correct.|
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| The gross profit ratio is useful...
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