Author Question: How are sales reported on the income statement? a. Sales are shown for three years net of returns ... (Read 90 times)

Kthamas · **on:** Jul 6, 2018

How are sales reported on the income statement?

a. Sales are shown for three years net of returns and allowances.
b. Sales amounts are inflation-adjusted.
c. Sales are shown for two years and are reported in nominal terms.
d. Sales are shown at gross amounts, adjusted for inflation.

Question 2

On a bank statement, an NSF check is usually listed as a debit memorandum.
a. True
b. False
Indicate whether the statement is true or false