Which of the Following Would Be Reported on the Income

question 113

Multiple Choice

Which of the following would be reported on the income statement for 2010?

• A) Supplies that were purchased and used in 2009 but paid for in 2010.
• B) Dividends that were paid in 2010.
• C) Supplies that were purchased, used, and paid for in 2010.
• D) Supplies that were purchased in 2009 and paid for in 2010 but have not been used.

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Definitions:

Buyer

An individual or organization that makes a purchase decision, acquiring goods or services in exchange for money.

Product

A product or service developed from a process, presented in the marketplace to fulfill a demand or desire.

SELL Sequence

A structured sales strategy emphasizing specific steps such as Show, Explain, Lead, and Lock to close a deal.

Salesperson

An individual who sells products or services to customers, often directly, in order to generate revenue for a business or company.