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Which income statement is classified by function and which one is classified by behavior?
Wiki User
∙ 11y ago
The multi-step income statement is classified by function, and the single-step income statement is classified by behavior.
Wiki User
∙ 11y ago
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Cash receipts of interest and dividend revenue are classified as what?
other income and they are found in the income statement
What approach to the income statement organizes costs by function?
traditional approach
Is income statement same as financial statement?
no. income statement is a only a statement in financial statements.
What is a projected income statement?
projected income statement is the estimated income statement to estimate the future business position.
Where should promotional products given to customers be classified in the balance sheet?
They should appear on the Income Statement (NOT the Balance Sheet) as Advertising and Promotion Expenses.
The traditional income statement organizes costs on the basis of cost behavior?
The traditional income statement organizes costs on the basis of cost behavior
Cash receipts of interest and dividend revenue are classified as what?
other income and they are found in the income statement
How is a loss of unrealized loss reported on an income statement?
A loss of unrealized loss is not reported on an income statement. Unrealized gains or losses refer to changes in the value of investments that have not been sold. These gains or losses are typically not recognized on the income statement but are instead reported on the balance sheet or in the statement of changes in equity.
What approach to the income statement organizes costs by function?
traditional approach
How do you calculate net income from balance sheet?
You can't ! it's a function of the Profit and Loss Statement. Income from previous years will appear on the balance sheet...but Net Income is a P&L Function.
What should rent be classified as on a balance sheet?
Rent is not a balance sheet account, it is an expense, hence an income statement account.
How do you do Income statement?
Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.
The Cost of Goods Sold account is classified as?
Expense on the income statement. The COI or Merchandise Inventory is reported on the balance sheet as an asset.
How do you prepare comparative income statement?
Comparative income statement is same as normal income statement with little addition of that income statement as well from which comparison is required.
What are the two categories of the income statement?
Following are two catagories of income statement: 1- Single Step Income statement 2- Multy-step income statement
Is income statement same as financial statement?
no. income statement is a only a statement in financial statements.
What is a projected income statement?
projected income statement is the estimated income statement to estimate the future business position.
