T f a classified income statement has four major

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Question 5(T / F) A classified income statement has four major sections—operating revenues, cost of goods sold, operating expenses, and non-operating revenues and accounts receivables.Select one:TrueFalse FeedbackCorrect. A classified income statement has four major sections—operating revenues, cost of goods sold, operating expenses, and non-operating revenues and expenses.The correct answer is 'False'.
Question 6(T / F) Non-operating revenues and expenses are revenues and expenses not related to the sale of products or services regularly offered for sale by a business.
Question 7(T / F) The two basic methods for estimating uncollectible accounts under the allowancemethod are the percentage-of-cost of sales method and the percentage-of-receivables method.
Question 8
(T / F) Liabilities result from some past transaction and are obligations to pay cash, provide services, or deliver goods at some time in the future.
Question 9(T / F) Generally, the lower the accounts receivable turnover, the better; and the shorter the average collection period, the better.Select one:TrueFalse FeedbackCorrect. Generally, the higher the accounts receivable turnover, the better; and the shorter the average collection period, the better.The correct answer is 'False'.
Question 10(T / F) Current liabilities are classified as clearly determinable, estimated, and contingent.

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