Assignments (Summer 2016). Take Test: BUS 100 Hybrid Fin... Utility QUESTION 29

Question

Assignments (Summer 2016). Take Test: BUS 100 Hybrid Fin... Utility QUESTION 29 2 point ALL of the following items are deducted from a company's revenues, when calculating its income statement: Cost of Goods Sold Operating Expenses Taxes True False QUESTION 30 2 points EQUITY is defined as the difference between cash coming in and cash going out of a business. True False QUESTION 31 2 points Lucky for U.S, accountants, the International Accounting Standards are identical to the U.S. Generally Accepted Accounting Principles (GAAP). True False

Explanation / Answer

Answer:29 True

Because Net income=Revneue-COGS-operting expenses-Taxes

Answer:30 False

Because equity is the difference between the value of the assets and the cost of the liabilities of something owned.

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