Unlike Merchandising Companies,income Statements of Service Companies Include Cost of Goods

question 115

True/False

Unlike merchandising companies,income statements of service companies include cost of goods sold as a line item.

---

Definitions:

SEC Regulations

Rules and standards developed and enforced by the U.S. Securities and Exchange Commission to regulate the securities industry.

Security

A financial instrument representing an ownership position, a debt relationship, or rights to ownership as represented by an option.

Investment

Allocating resources, usually money, with the expectation of generating an income or profit.

Sarbanes-Oxley Act

U.S. legislation enacted to protect investors from fraudulent financial reporting by corporations, enhancing corporate accountability.