Which Is the CORRECT Order for Items to Appear on the Income

question 8

Multiple Choice

Which is the CORRECT order for items to appear on the income statement?

• A)sales revenue,operating expenses,gross profit,net income
• B)sales revenue,gross profit,net income,operating expenses
• C)sales revenue,gross profit,cost of goods sold,operating expenses
• D)sales revenue,cost of goods sold,gross profit,operating expenses

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Definitions:

Transaction

A financial operation between two parties involving an exchange or transfer of goods, services, or funds.

Social Security Income

Social Security Income (SSI) is a government program that provides financial assistance to individuals who are elderly, blind, or have disabilities, based on income needs.

Taxable Amount

The taxable amount is the portion of income or a financial transaction that is subject to taxes according to the laws and regulations of the tax jurisdiction.

Tax Return

A form or forms filed with a taxing authority that report income, expenses, and other pertinent tax information, used to calculate tax liability.