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- Which of the following facilitates the comparison of financial performance with one period to another period is possible ? O a. Historical cost concept O b. Going concern Assumption O c. Matching Concept O d. Consistency PrincipleRequirement : 2 Calculate the following from the additional information given G Gross profit H Net profitThe income statement line gross profit will appear on which income statement format? Select one: a. Receipt and payment account b. Multiple step income statement c. Single step income statement d. Income and expenditure account
- Which method results in a more realistic amount for income because it matches the most current costs against revenue? a.FIFO b.Weighted average cost c.Specific identification d.LIFOThe normal ordering of items in the income statement would be best illustrated by which of the following? Group of answer choices A. Income from continuing operations, extraordinary items, cumulative effects, discontinued operations, net income B. Income from continuing operations, discontinued operations, extraordinary items, cumulative effects, net income C. Extraordinary items, cumulative effects, income from continuing operations, discontinued operations, net income D.Discontinued operations, income from continuing operations, extraordinary items, cumulative effects, net incomeListed below are several information characteristics and accounting principles and assumptions. Match the letter of each with the appropriate phrase that states its application. (Items a through k may be used more than once or not at all.) Economic entity assumption g. Matching principle Going concern assumption h. Full disclosure principle Monetary unit assumption i. Relevance characteristic Periodicity assumption j. Reliability characteristic Historical cost principle k. Consistency characteristic Revenue recognition principle ____ 1. Stable-dollar assumption (do not use historical cost principle). ____ 2. Earning process completed and realized or realizable. ____ 3. Presentation of error-free information with representational faithfulness. ____ 4. Yearly financial reports. ____ 5. Accruals and deferrals in the adjusting and closing process. (Do not use going concern.) ____ 6. Useful standard measuring unit for business…
- Gross margin is included on the income statement under which format(s)? A) B) Contribution Traditional Approach Approach Yes Yes Yes No NO Yes No NoMark up can be calculated by the formula; a. Markup = Cost + Expenses b. Markup = Cost + Profit c. Markup = Selling price + Cost d. Markup = Expenses + Profitexplain the impact on financial statement using FIFO, weighted avverage and LIFO. When would the three methods give similar profit figures? when would they give indentical profit figure?
- Saved Fringe benefits are reported as on the income statement. Multiple Choice Assets Expenses Liabilities Revenues < Prev 2 of 2 NeShow Net profit statement and SFPWhich of the following is the correct calculation of selling price? O a. Cost + Mark-up O b. Expenses + Profit – Mark-up O c. Cost - Mark-up * Expenses O d. Expenses - Profit