When Creating the Income Statement,which of the Following Statements Is

question 28

Multiple Choice

When creating the income statement,which of the following statements is accurate?

• A)Revenues,minus general operating expenses = gross profit.
• B)Revenues,minus tax expense = gross profit.
• C)Revenues,minus depreciation expense = gross profit.
• D)Revenues,minus cost of goods sold = gross profit.

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Definitions:

Eastern Bloc

Refers to the group of communist states of Central and Eastern Europe during the Cold War, aligned with the Soviet Union.

Hungary

A landlocked country in Central Europe, known for its rich history, its capital Budapest, and cultural heritage, including contributions to music, literature, and cuisine.

Nikita Khrushchev

A Soviet statesman who led the Soviet Union during part of the Cold War as the First Secretary of the Communist Party from 1953 to 1964 and Chairman of the Council of Ministers (Premier) from 1958 to 1964.

Soviet Foreign Policy

The diplomatic strategy carried out by the Soviet Union (USSR) during its existence, aimed at spreading Communism and competing with capitalist countries.