In the Presentation of the Income Statement at Yahoo

question 45

True/False

In the presentation of the income statement at yahoo.finance.com,you will find cost of revenue,not cost of goods sold,with depreciation expense included in cost of revenue.

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Definitions:

Trial Balance Preparation

The process of summarizing all the financial transactions in a company's general ledger accounts to ensure debits equal credits.

Account Balance

The amount of money in a financial repository, such as a checking account or investment account, at any given time.

Posting Omitted

An error occurring when a financial transaction is not recorded in the appropriate ledger, potentially affecting financial statements.

Trial Balance Preparation

The process of compiling the balances of all ledger accounts into a report to verify that the total of debit balances equals the total of credit balances, indicating correctly recorded transactions.