Which Income Statement Format Is Preferred by Most Owners and Managers

question 38

Multiple Choice

Which income statement format is preferred by most owners and managers of small businesses?

• A)Single-step
• B)Multiple-step
• C)Revenue-only
• D)Retained earnings

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Definitions:

Consolidated Electric

A hypothetical term possibly implying an amalgamation of multiple electric companies or utilities to form a single entity. NO.

Commercial Impracticability

A principle that excuses a party from performing their contractual obligation due to the occurrence of events that fundamentally transforms the nature of the obligations which the parties could not have anticipated.

Delta Star

Delta Star is a term often used in electrical engineering to refer to a method of connecting three-phase transformers or motors, involving a delta configuration and a star (wye) configuration.

Buyer's Right

Rights legally entitled to the purchaser of goods or services, including the rights to receive information, to a fair contract, and to complain and seek redress.