This topic contains a solution. Click here to go to the answer

Author Question: A profit/loss statement is also known as: a. Operating statement b. Income statement c. ... (Read 63 times)

Sufayan.ah

  • Hero Member
  • *****
  • Posts: 512
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.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

mmj22343

  • Sr. Member
  • ****
  • Posts: 297
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

  • Hero Member
  • *****
  • Posts: 512
Both answers were spot on, thank you once again



mmj22343

  • Sr. Member
  • ****
  • Posts: 297

 

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

Every flu season is different, and even healthy people can get extremely sick from the flu, as well as spread it to others. The flu season can begin as early as October and last as late as May. Every person over six months of age should get an annual flu vaccine. The vaccine cannot cause you to get influenza, but in some seasons, may not be completely able to prevent you from acquiring influenza due to changes in causative viruses. The viruses in the flu shot are killed—there is no way they can give you the flu. Minor side effects include soreness, redness, or swelling where the shot was given. It is possible to develop a slight fever, and body aches, but these are simply signs that the body is responding to the vaccine and making itself ready to fight off the influenza virus should you come in contact with it.

Did you know?

The toxic levels for lithium carbonate are close to the therapeutic levels. Signs of toxicity include fine hand tremor, polyuria, mild thirst, nausea, general discomfort, diarrhea, vomiting, drowsiness, muscular weakness, lack of coordination, ataxia, giddiness, tinnitus, and blurred vision.

Did you know?

The immune system needs 9.5 hours of sleep in total darkness to recharge completely.

Did you know?

The first successful kidney transplant was performed in 1954 and occurred in Boston. A kidney from an identical twin was transplanted into his dying brother's body and was not rejected because it did not appear foreign to his body.

For a complete list of videos, visit our video library