The Income Statement Includes

question 92

Multiple Choice

The income statement includes:

• A) income,liabilities,and net worth.
• B) income,expenditure,and cash surplus or deficit.
• C) expenditures,net worth,and cash surplus or deficit.
• D) net worth,surplus,and income or expenditures.
• E) savings,surplus,and income or expenditures.

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Definitions:

Crescive Norms

Unwritten, societal rules and behaviors that are learned implicitly through everyday social interactions.

Conventions

This refers to the established practices, rules, or norms in a specific area or among a particular group, often used to ensure consistency and effectiveness.

Customs

Traditional practices and norms that are established and followed by a society, community, or group.

Cultural System

An integrated network of culturally related elements, such as beliefs, practices, norms, and values that influence and guide the behavior of individuals within a particular society.