Which of the following financial statements reports expenses in decreasing order of their amounts, by stating the largest expense first?
A) Statement of cash flows
B) Income statement
C) Statement of retained earnings
D) Balance sheet

Question

Quizplus · Accepted Answer

The income statement reports expenses in decreasing order of their amounts, with the largest expense listed first. This allows readers of the statement to quickly identify the largest expenses incurred by the company during the reporting period.

Which of the Following Financial Statements Reports Expenses in Decreasing