Author Question: How should companies with more than one revenue source report revenue and cost of goods sold? a. ... (Read 103 times)

yoooooman · **on:** Jul 6, 2018

How should companies with more than one revenue source report revenue and cost of goods sold?

a. Each revenue source should be reported separately, but all cost of goods sold should be added together and reported as a single amount.
b. The revenues and cost of goods sold should be netted together and reported as a single line item.
c. All revenue sources should be added together and shown as one line item and all cost of goods sold should be added together and shown as one line item.
d. Each revenue line should be shown separately with a corresponding cost of goods sold line for each revenue source.

Question 2

After a bank reconciliation has been completed, the accountant must make journal entries to record the outstanding checks.
a. True
b. False
Indicate whether the statement is true or false