The Basic Format of an Income Statement Is

question 59

Multiple Choice

The basic format of an income statement is

• A) Sales - Expenses = Profits.
• B) Income - Expenses = EBIT.
• C) Sales - Liabilities = Profits.
• D) Assets - Liabilities = Profits.

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Definitions:

Distribution

The manner in which a statistical data or a population is spread out or arranged over a range of values.

Empirical Rules

Practical guidelines based on observed data which are used to interpret statistical distributions, notably the 68-95-99.7 (or three-sigma) rule for normal distributions.

Standard Deviations

A measure of the amount of variation or dispersion in a set of values, often used to quantify the spread of a probability distribution.

Observations

Observations refer to the act of watching or noticing something or the data collected during this process, usually as part of a study or experiment.