Which of the Following Statements Is True

question 38

Multiple Choice

Which of the following statements is true?

• A)Trade discounts and sales returns and allowances are listed on the income statement as deductions from gross sales.
• B)Reports to shareholders often omit the details of revenue and show only net revenue.
• C)Cash Discounts on Sales are listed on the income statement as an expense of doing business.
• D)"Turnover" is commonly used in the United States to refer to net sales revenue.
• E)Cash discounts must appear on cash flow statements.

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Definitions:

Baleen

A filter-feeding system inside the mouths of baleen whales, it consists of keratin plates for filtering small food items from water.

Dorudon

An extinct genus of medium-sized whales that lived approximately 40 to 33 million years ago.

Extinct Whales

Whale species that no longer exist, providing insight into evolutionary biology and environmental changes.

Homology

The existence of shared ancestry between a pair of structures, or genes, in different species.