Which Item Would Be Listed First on the Income Statement

question 36

Multiple Choice

Which item would be listed first on the income statement?

• A) cost of goods sold
• B) revenue
• C) retained earnings
• D) net operating income

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Definitions:

Promissory Estoppel

A legal principle that prevents a promisor from arguing that an underlying promise should not be legally upheld or enforced, due to the promisee's reliance on that promise.

Written Contract

A legally binding agreement between two or more parties, documented in a written form.

20th Century Contract Law

The body of law governing agreements between parties, including principles of formation and enforcement, developed during the 20th century.

Large Corporations

Businesses that operate on a large scale with significant assets, revenues, and employee numbers, often influencing market trends and economic policies.