The Income Statement will include the following accounts
A) Revenues less Expenses (ordered largest to smallest amount) with Miscellaneous Expense listed last
B) Revenues less Expenses (ordered smallest to largest amounts) with Miscellaneous Expense listed last
C) Revenues less Expenses (ordered in alphabetical order)
D) Revenues less Expenses (order is not important)

Question

Quizplus · Accepted Answer

The Income Statement typically lists Revenues followed by Expenses in descending order of amount, with the largest revenue and expense items listed first. This helps to highlight the most significant sources of income and expenses. Miscellaneous Expense is usually listed last, as it represents smaller or less significant expenses that cannot be categorized into any specific expense category.

The Income Statement Will Include the Following Accounts