Which of the Following Would Appear on a Multiple-Step Income

question 137

Multiple Choice

Which of the following would appear on a multiple-step income statement but not on a single-step income statement?

• A)Net income
• B)Total expenses
• C)Total revenues
• D)Income before income taxes

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Definitions:

FAS

A term in international commerce, standing for "Free Alongside Ship," indicating that the seller is responsible for the delivery of goods to a named port alongside a vessel.

Risk Passes

A term indicating the point in a transaction where the liability for loss or damage to goods transfers from the seller to the buyer.

Buyer's Expense

Buyer's expense refers to costs that the purchaser of goods or services is required to pay, outside of the purchase price, such as shipping or taxes.

Conditional Contracts

Agreements that become enforceable only upon the occurrence of specified conditions.