Income from Operations Will Always Result If

question 34

Multiple Choice

Income from operations will always result if

• A) the cost of goods sold exceeds operating expenses.
• B) revenues exceed cost of goods sold.
• C) revenues exceed operating expenses.
• D) gross profit exceeds operating expenses.

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Definitions:

Auxiliary Petty Cash Record

A detailed record used alongside the main petty cash fund to track minor business expenditures.

Petty Cash Voucher

A document used to record and manage small, immediate cash expenses.

Cash Short

A situation where the actual cash on hand is less than the expected amount, usually identified through the reconciliation process.

Cash Over

A situation where the physical cash on hand exceeds the expected amount based on accounting records.