Complete the following statements
A traditional income statement classifies costs by ________; that is, costs are classified as either ________ costs or ________ costs.
A contribution margin income statement classifies costs by ________; that is, costs are classified as either ________ costs or ________ costs.
What will be an ideal response
A traditional income statement classifies costs by function; that is, costs are classified as either product costs or period costs.
A contribution margin income statement classifies costs by behavior; that is, costs are classified as either variable costs or fixed costs.
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Indicate whether the statement is true or false.
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What will be an ideal response?