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 owner's equity
D) Balance sheet

Question

Quizplus · Accepted Answer

The income statement reports expenses in decreasing order of their amounts, by stating the largest expense first. This is because it is helpful for users of the financial statements to see the order of priority of the expenses and how they affect the net income of the company.

Which of the Following Financial Statements Reports Expenses in Decreasing