Meg Malloy Is Running an Income Statement on Her QuickBooks

question 351

Multiple Choice

Meg Malloy is running an income statement on her QuickBooks computer accounting program. Which of the following accounts will be used to calculate gross profit?

• A) Revenues, net sales, depreciation, and operating expenses
• B) Revenues, general expenses
• C) Revenues, cost of goods sold, tax expenses, net income before taxes
• D) Revenues, cost of goods sold

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Definitions:

Pyrotechnics

The science and craft of creating fireworks and other explosive effects for entertainment, ceremonial, or signaling purposes.

Pyrotechnics

The art of making or displaying fireworks, sometimes used in entertainment or celebrations.

Trumpet

A brass wind instrument with a flared bell and three buttons (valves) that is commonly used in classical and jazz music.

Pyrotechnics

The art, craft, or science of making and using fireworks or related explosive devices for entertainment, military, or industrial purposes.