Which of the following is an advantage of the single-step income statement over the multiple-step income statement?
a. It reports gross profit for the year.
b. Expenses are classified by function.
c. It matches costs and expenses with related revenues.
d. It does not imply that one type of revenue or expense has priority over another.
Answer: d. It does not imply that one type of revenue or expense has priority over another.
Business
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These are used to transmit time and attendance data directly to the payroll processing system.
A) Badge readers B) Electronic time clocks C) Magnetic cards D) none of the above
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On a common-size balance sheet, all _____ accounts are shown as a percentage of _____.
A. income; total assets B. liability; net income C. asset; sales D. liability; total assets E. equity; sales
Business