Which of the Following Costs Would Appear on the Income

question 59

Multiple Choice

Which of the following costs would appear on the income statements for both a retailer and a manufacturer?

• A)Direct materials
• B)Direct labour
• C)Cost of goods manufactured
• D)Electricity and gas

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Definitions:

Budget

A financial plan outlining expected revenue and expenditure over a specified period, often used by businesses, individuals, and governments to manage resources.

Impoundment Control Act

A 1974 U.S. law designed to restrict the power of the President to impound funds appropriated by Congress, ensuring that authorized funds are spent.

Committee System

A method of delegating legislative or administrative tasks to smaller, specialized groups within a larger organization or governing body, often found in parliaments or congresses.

Congress

A bicameral body that constitutes the legislative branch of the United States, tasked with creating and passing federal laws, comprising two parts: The Senate, representing states equally, and the House of Representatives, representing districts based on population.