A profit/loss statement is also known as: a. Operating ...

[Sufayan.ah]

A profit/loss statement is also known as:
 
  a. Operating statement
  b. Income statement
  c. Balance sheet
  d. Both a and b

Question 2

Which one of the following statements about markup is false?
 
  a. Markup and expense percents cannot be compared if they are based on different figures; both must be based on either retail or cost figures.
  b. Markup percent based on retail is always less than 100.
  c. Markup percent based on retail may be more than 100.
  d. When markup percent is based on retail, retail always equals 100.

[mmj22343]

Answer to Question 1

d. Both a and b

Answer to Question 2

c. Markup percent based on retail may be more than 100.

[Sufayan.ah]

Both answers were spot on, thank you once again

[mmj22343]

Great! Please up vote