Which of the Following Accounts Would Most Likely Appear on the Income

question 177

Multiple Choice

Which of the following accounts would most likely appear on the income statement of a merchandise company,but not on the income statement of a service company?

• A)Cost of Goods Sold
• B)Selling Expenses
• C)Administrative Expenses
• D)Income Tax Expense

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Definitions:

Sample Size

The number of observations or data points collected in a statistical sample.

Degrees of Freedom

The count of independent pieces of information available to estimate another statistic, crucial in defining the distribution of various test statistics.

Contingency Table

A table used in statistics to display the frequency distribution of variables to show the relationship between them.

Level of Significance

The probability of rejecting the null hypothesis in a statistical test when it is in fact true; commonly set thresholds include 0.05 or 0.01.