For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For fill-in-the-blank questions, press or click on the blank space provided.
If you have difficulty answering the following questions, learn more about this topic by reading our Income Statement (Explanation).
P & L
Statement Of Financial Position
Statement Of Operations
A POINT In Time
A PERIOD Of Time
Revenues
Gains
Expense
Gain
Loss
Revenue
Nothing
Interest Expense Of $1,000
Operating Expense
Non-operating Expense
Single-step
Multiple-step
Single-step
Multiple-step
Non-operating
Operating
Would Not Appear
Cash Is Received
Revenues Are Earned
Gross Profit
Income From Operations
Net Income
Comprehensive
Net
Total
Accrual Basis
Cash Basis
Net Income
Net Sales
Operating Income
Contribution Margin
Gross Profit
Net Income
Yes
No
Accumulated Other Comprehensive Income
Common Stock
Retained Earnings
Yes
No
Yes
No
Yes
No
Want more practice questions?
Receive instant access to our graded Quick
Tests (more than 1,800 unique test questions) when you join
AccountingCoach PRO.
Featured Review
"I have been a bookkeeping professional for five years, and AccountingCoach PRO Plus has been a tremendous resource for me. The material is well organized for studying, and the Certificates of Achievement for each module validate learning. The various methods of instruction (flashcards, video tutorials, and printed materials) appeal to all learning styles. This program has allowed me to expand my understanding of accounting principles and reporting, and to easily locate information when I need to refresh my training on a particular topic. I highly recommend AccountingCoach PRO Plus for anyone who works in the bookkeeping industry." - Amy L.
Join PRO or PRO Plus and Get Lifetime Access to Our Premium Materials
Read all 2,645 reviewsWe now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping: