Revenues Are

question 37

Multiple Choice

Revenues are

• A) impacted by debits and credits in the same way that expenses are impacted by debits and credits.
• B) a subdivision of equity, providing information about why equity increased.
• C) reported on the statement of financial position as a current item.
• D) All of these answer choices are correct.

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Definitions:

Discount

A reduction applied to the usual cost of goods or services.

Markup Rate

The percentage added to the cost price of goods to cover overhead and profit.

Markup

The amount added to the cost price of goods to cover overhead and profit.

Rectangular Room

A prism-shaped space with four walls at right angles to each other, typically used to describe a standard room shape.