Which of the Following Would Not Appear on an Income

question 189

Multiple Choice

Which of the following would not appear on an income statement?

• A)Sales revenue
• B)Cost of goods sold
• C)Accounts receivable
• D)Insurance expense

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Definitions:

Gross Profit

The financial gain obtained after subtracting the cost of goods sold from the revenue generated from sales.

Operating Expenses

The costs associated with the day-to-day operations of a business, excluding costs related to production.

Depreciation

Depreciation is the accounting process of allocating the cost of a tangible asset over its useful life, reflecting its decrease in value over time.

Income Taxes

Taxes levied by the government on individuals or corporations based on their net income or profit.