Author Question: Revenues - cost of goods sold - expenses = net income characterizes which financial statement? A) ... (Read 133 times)

c0205847 · **on:** Jul 14, 2018

Revenues - cost of goods sold - expenses = net income characterizes which financial statement?
A) Balance sheet
B) Statement of retained earnings
C) Statement of cash flows
D) Statement of financial position
E) Income statement

Question 2

A physical therapy clinic with eight therapists provides a service. As producers of a service, the clinic:
A) uses more raw material than if they were producing a good.
B) can produce their service for delayed consumption.
C) can count the number of rejects from their production run.
D) uses a process that is labor intensive.
E) utilizes only material resources.