Which of the Following Is Not Found on an Income

question 14

Multiple Choice

Which of the following is not found on an income statement prepared using absorption costing?

• A)Operating profit.
• B)Sales.
• C)Contribution margin.
• D)Cost of goods sold.
• E)None of the answer choices is correct.

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Definitions:

Appropriation of Funds

The legislative process by which governments allocate funds to various departments, agencies, and programs within the government's budget.

Bank of the United States

A historically significant financial institution in the United States, established in 1791 and 1816 in two iterations, intended to serve as a repository for federal funds and as the government's fiscal agent.

Article I, Section 8

A section of the United States Constitution that outlines the enumerated powers of Congress, including the authority to tax, regulate interstate commerce, and maintain armed forces.

Necessary and Proper

A clause in the U.S. Constitution granting Congress the power to pass all laws deemed necessary and proper for carrying out its enumerated powers.