Cost of Goods Sold Appears on a Multi-Step Income Statement

question 165

True/False

Cost of Goods Sold appears on a multi-step income statement but not on a single-step income statement.

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Definitions:

Cognitive Needs

Psychological requirements of a person for understanding, knowledge, and intellectual development.

Consciousness

The condition in which an individual is conscious of and can reflect upon their own being, senses, mental activities, environment, and life events.

Maslow

A leading figure in psychology, Abraham Maslow was an American psychologist famous for formulating the hierarchy of needs theory, which asserts that psychological health stems from the sequential fulfillment of inherent human needs, the ultimate of which is self-actualization.

Personal Concerns

Issues or matters that hold significant importance or relevance to an individual's life and wellbeing.