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If you have difficulty answering the following questions, learn more about this topic by reading our Income Statement (Explanation). Which of the following names is NOT associated with the income statement? Statement Of Financial Position The income statement heading will specify which of the following? Amounts earned by a company in its main operating activities are known as __________. A company disposes of equipment that it no longer uses in its business. The amount received by the company is more than the amount the asset is carried at in the accounting records. The company will report a(n) __________. On December 1, a company borrowed $100,000 at 12% per year. The interest will be paid quarterly, with the first payment due on March 1. What should the company report on its income statement for December? Interest Expense Of $1,000 Is a retailer's Interest Expense an operating expense or a non-operating expense? The income statement line gross profit will appear on which income statement format? Which income statement format segregates the operating revenues and expenses from the non-operating revenues and expenses? Interest earned on investments would appear in which section of a retailer's multiple-step income statement? Under the accrual basis of accounting, revenues are recognized in the accounting period in which __________. Net Sales minus the Cost of Goods Sold is __________. The combination of net income + other comprehensive income is known as __________ income. Which basis of accounting best measures profitability during a short time interval? Gross Profit minus Operating Expenses is best defined as __________. What is defined as sales minus all variable expenses? Are the draws of a sole proprietor reported as an expense on the company's income statement? A corporation's net income will cause an increase to which of the following? Accumulated Other Comprehensive Income If a company's stock is publicly traded, is it a requirement that the earnings per share appear on the income statement? Are the notes to the financial statements considered to be an integral part of the financial statements? Is it acceptable that some of the expenses reported on the income statement be estimates? Want more practice questions?  [Skip Breadcrumb Navigation]
This activity contains 8 questions.
Answer choices in this exercise appear in a different order each time the page is loaded. What is not associated with financial accounting?Financial accounting discloses only the net result of the collective activities of a business as a whole. It does not indicate profit or loss of each department, job, process or contract.
What are the 4 activities of accounting?The primary functions of accounting are to track, report, execute, and predict financial transactions.
Which of the following is not the basic activity of accounting?The correct answer is: c) To ensure that a business organization will be managed profitably. Accountants are supposed to reveal the true financial situation of a company to external users so that they can make business decisions. The function of an accounting system is NOT to ensure that a business will be profitable.
Which of the following is not a part of accounting?'Book keeping is not a part of accounting'.
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Which of the following activities is not associated with the financial accounting?
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