The Operating Expenses Section of a Multiple-Step Statement of Income

question 10

Multiple Choice

The operating expenses section of a multiple-step statement of income for a merchandising company would not include

• A)freight out.
• B)utilities expense.
• C)cost of goods sold.
• D)loss on sale of equipment.

Identify the key ethical obligations of anthropologists to various groups.

Define and understand the purpose of cultural resource management.

Analyze differing cultural perspectives on sensitive issues such as organ harvesting.

Differentiate between absolute and relative dating techniques in archaeology and paleoanthropology.

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Definitions:

Borrowing Money

The act of obtaining funds from a lender under the agreement to repay them, usually with interest, over a specified period.

Other Expenses

Non-operating expenses that do not relate to the main operating activities of the business; they appear in a separate section on the income statement. One example given in the text is Interest Expense, interest owed on money borrowed by the company.

Income Statement

A financial statement that shows a company's revenues, expenses, and net income over a specific period.

Supplies Used

The cost of consumables used in the operation of a business during an accounting period.