The income statement:
A)is not dated.
B)must cover only a month in time.
C)covers a defined period of time.
D)reports the results of operations since the inception of the business.
An example of an operating expense is:
A)cost of goods sold.
C)sales commissions paid to employees.
Which is the CORRECT order for items to appear on the income statement?
A)Revenues,operating expenses,net income
B)Cost of goods sold,revenues,net income
C)Revenues,net income,operating expenses
D)Interest expense,revenues,operating income
The portion of net income that the company has kept over a period of years and not used for dividends is called: