Which of the Following Appears in the Income Statement of a Merchandising

question 107

Multiple Choice

Which of the following appears in the income statement of a merchandising business,but not in the income statement of a business that renders only services?

• A)Interest revenue
• B)Gross profit
• C)Advertising expense
• D)Income tax expense

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Definitions:

Assimilate

The process by which individuals or groups adopt the culture, customs, and norms of another group, often losing their original identity.

Acculturate

The process of adopting the cultural traits or social patterns of another group, often occurring as a result of prolonged contact.

Visible Minorities

Visible minorities are individuals of a race or ethnicity that is different from the caucasian or white majority population, a term often used in certain countries for statistical purposes.

Statistics Canada

The national statistical office of Canada, responsible for producing statistics that help understand the social, economic, and environmental issues facing Canada.