The Following Lettered Items Represent a Classification Scheme for a Multistep

question 108

Essay

The following lettered items represent a classification scheme for a multistep income statement. In the blank next to each account, write the letter indicating to which category it belongs.
a. Revenues
b. Cost of goods sold
c. Selling expenses
d. General and administrative expenses
e. Other revenues and expenses
f. Not on income statement
_____ 1. Depreciation Expense (for delivery
truck)
_____ 2. Dividend Income
_____ 3. Cash
_____ 4. Interest Income
_____ 5. Prepaid Rent
_____ 6. Rent Expense (for main office)
_____ 7. Advertising Expense
_____ 8. Personnel Expense
_____ 9. Unearned Revenue
_____ 10. Sales Discounts

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Definitions:

Appeals to Tradition Fallacy

A logical fallacy that argues something is correct or better simply because it is traditional or has always been done.

Gambler's Fallacy

The erroneous belief that the outcome of a random event is influenced by previous outcomes, such as believing that a string of losses increases the likelihood of an imminent win.

Utilitarian Theory

A philosophical theory stating that the best action is the one that maximizes utility, often defined in terms of the well-being of sentient entities.

Kantian Theory

A philosophical doctrine based on the works of Immanuel Kant, emphasizing the importance of morality, ethics, and duty, guided by reason and categorical imperatives.