True/False
Indicate whether the sentence or statement is true
or false.
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1.
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On
the income statement, sales returns and allowances and sales discounts are added to gross sales to
yield net sales.
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Multiple Choice
Identify the
letter of the choice that best completes the statement or answers the question.
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2.
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Office salaries, depreciation of office equipment, and office supplies are examples of
what type of expense? a. | selling expense | b. | miscellaneous
expense | c. | administrative expense | d. | other
expense | | |
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3.
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Multiple-step income statements show: a. | gross profit but
not income from operations | b. | neither gross profit nor income from
operations | c. | both gross profit and income from
operations | d. | income from operations but not gross
profit | | |
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