Under GAAP Companies Generally Classify Income Statement Items by

question 104

Multiple Choice

Under GAAP companies generally classify income statement items by

• A) function.
• B) nature.
• C) nature or function
• D) date incurred.

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Definitions:

Mentally Represent

The ability to internally hold and manipulate images, concepts, and ideas without the presence of the actual objects or situations.

Deferred Imitation

The imitation of people and events that were encountered or experienced hours, days, or weeks in the past.

A Not B Error

A phenomenon seen in infant cognitive development where babies will repeatedly search for an object where they first found it, even after seeing it moved to a new location.

Object Permanence

The understanding that objects continue to exist even when they cannot be seen, heard, or otherwise sensed; typically develops in the first few years of life.