Chapter 1 Section 3: Income from Continuing Operations

Question 1

What categories is the multistep income statement split into?

Answer 1

Operating revenues and expenses

Nonoperating revenues and expenses

Question 2

What type of expense is Freight In?

Answer 2

Inventory - COGS

Question 3

What type of expense is Freight Out?

Answer 3

Selling

Question 4

What categories is the single step income statement split into?

Answer 4

Revenues

Expenses