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Freight paid on goods shipped to customers is classified as a selling expense

Freight paid on goods shipped to customers is classified as a selling expense.

 

 

52.Interest paid on bank loans is classified as cost of goods sold.

 

 

53.For a merchandising company, the difference between net sales and cost of goods sold is called gross margin.

 

 

54.The single-step and multistep income statements result in different net income figures.

 

 

55.Advertising expense should be included in the general and administrative expenses section of a multistep income statement.

 

 

56.Earnings per share, often called net income per share, is the net income earned on each share of common stock.

 

 

57.Both return on assets and working capital are profitability measures.

 

 

58.Return on assets is a measure of liquidity.

 

 

59.Return on assets is a better measure of profitability than profit margin because it takes into account the assets invested in the business.

 

 

60.Profitability means having enough cash on hand to pay bills when they become due.

 

 

Jan 11 2020 View more View Less

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