Financial Statements
What is the ONLY Financial Statement that doesn't have a period?
Balance Sheet doesn't have a period.
What is Net Sales minus Cost of Goods Sold
Gross Profit
What is the cost that changes depending on the number of unites?
It is a Variable Cost.
What is the limitation of an income statement?
Income numbers are affected by the accounting methods employed.
There are three methods for inventory valuation
LIFO, FIFO, Weighted Average.
In what statement does Unearned Revenue Appear in?
Liability Section, Balance sheet
What is the most commonly used depreciation method?
The Straight-Line method.