Which of the Following Is NOT a True Statement About

question 44

Multiple Choice

Which of the following is NOT a true statement about a multiple-step income statement?

• A) Operating expenses may be classified as selling and administrative expenses.
• B) There may be a section for non-operating activities.
• C) There may be a section for operating assets.
• D) There is a section for cost of goods sold.

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Definitions:

Total Revenue

The aggregate monetary gain a corporation obtains from its product or service sales, without accounting for any expenditures.

Demand Schedule

A table outlining the different quantities of goods or services that consumers are interested in and can feasibly buy at numerous price levels.

Total Revenue

The total income generated by the sale of goods or services before any costs are deducted.

Sales Quantity

The total number of units of a product sold in a specific time period.