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19. The following format of income statement is not accepted as GAAP. Sales Revenue Costs...

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Accounting

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19. The following format of income statement is not accepted as GAAP. Sales Revenue Costs of Goods Sold Gross Profit Operating Costs Net Income a) True b) False 20. Depending on which income-statement format is used between Question 18 and Question 19, the net income would be different. a) True b) False 21. It is the contribution margin that contributes to the bottom line on income statement afte covering fixed costs. a) True b) False 22. On the contribution-margin income statement, variable period costs (such as percentage sales commission, etc.) are not included in variable expenses. a) True b) False 23. Unit contribution margin ratio is necessarily the same as contribution margin ratio. a) True b) False 24. For any volume of sales, contribution margin ratio is not the same across. a) True b) False 18. The following format of income statement is not accepted as GAAP. Sales Revenue Variable Costs Contribution Margin Fixed Costs Net Income a) True b) False

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