Answered Essay: The income statement of a trading entity differs from that of a service entity as it needs to incorporate th

The income statement of a trading entity differs from that of a service entity as it needs to incorporate the expense associated with inventory.

Select one:

True

False

Which of these would not be recorded as increasing income today?

Select one:

a. Credit sale

b. Future sale

c. Cash sale

d. Cash paid for half and the rest due in a month

For a retailing or manufacturing entity, profit is equal to gross profit less:

Select one:

a. cost of sales.

b. all expenses other than cost of sales.

c. taxation expense.

d. all expenses.

Expert Answer

 

True, The income statement of a trading entity incorporate the expense associated with inventory
2
Future sale would not be recorded as increasing income today
3
Profit is equal to gross profit less all expenses other than cost of sales
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