Author Question: Profit is the difference between a. assets and liabilities b. the incoming cash and outgoing cash ... (Read 68 times)

kodithompson · **on:** Jul 6, 2018

Profit is the difference between
a. assets and liabilities
b. the incoming cash and outgoing cash
c. the assets purchased with cash contributed by the owner and the cash spent to operate the business
d. the amounts received from customers for goods or services and the amounts paid forthe inputs used to provide the goods or services

Question 2

Which of the following classifications is not used in the government-wide statement of activities?

A. General revenues.
B. Extraordinary items.
C. Transfers.
D. Nonoperating revenues.