Income from Operations Is Arrived at After Considering All Except

question 11

Multiple Choice

Income from operations is arrived at after considering all except

• A)administrative salaries.
• B)interest income.
• C)the cost of sales.
• D)sales returns and allowances.

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Definitions:

International Accounting Standards Board

An independent organization that develops and approves International Financial Reporting Standards (IFRS).

Global Investing

Global investing refers to the practice of investing in international markets to diversify investment portfolios and exploit opportunities in foreign economies.

Accounting Standards

Accounting Standards are authoritative standards for financial reporting and are the main source of generally accepted accounting principles (GAAP).

Consistency

The accounting principle that requires companies to apply the same accounting methods and procedures from period to period unless a change is clearly justified.