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BREAKING INTO WALL STREET" ACCOUNTING QUESTIONS (ANSWERED)
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BREAKING INTO WALL STREET" ACCOUNTING QUESTIONS (ANSWERED)
What does the Income Statement list?
{{Answer:- 1. Revenue
2. Expenses
3. Taxes
What criteria must each item meet in order to be listed on the Income Statement?
{{Answer:- 1. It must correspond to the period only shown on the income statement. A 20 year asset would NOT appear on the 1 year income statement
2. It must affect the company's taxes
ex: interest paid on debt is tax deductible, so it would appear on the income statement
What are the 4 main sections on the income statement?
{{Answer:- 1. Revenue and Cost of Goods Sold
2. Operating Expenses (not directly linked to product sales)
3. Other Income and Expenses
4. Taxes and Net Income
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[Solved] BREAKING INTO WALL STREET" ACCOUNTING QUESTIONS (ANSWERED)
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- Submitted On 03 Feb, 2023 12:56:23
Answer posted by
- NurseSamwel
- Rating : 1
- Grade : F
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- Solutions : 157
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- Earned : $11.45
BREAKING INTO WALL STREET" ACCOUNTING QUESTIONS (ANSWERED)
What does the Income Statement list?
{{Answer:- 1. Revenue
2. Expenses
3. Taxes
What criteria must each item meet i...
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