Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. which of the following statements concerning incom

Which of the following statements concerning income statement profitability measures is most correct? Net income...

50.1K

Verified Solution

Question

Accounting

Which of the following statements concerning income statement profitability measures is most correct?

Net income is referred to as the top line of the income statement.

Net income measures total profitability as defined by tax accounting (IRS) rules.

In not-for-profit businesses, the entire amount of net income is reinvested in the business.

Many organizations report both operating income and net income.

Statements a., b., and c. are all correct.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Advance Math
1.2K views

Block copy, and paste, the argument into the window below, and do a proof to prove...

Advance Math
1.2K views

Solve x(y^2+U)Ux -y(x^2+U)Uy =(x^2-y^2)U, U(x,-x)=1

Physics
1.2K views

A ray of green light struck a glass slab (with the index of refraction 1.52)...

Physics
1.2K views

A crane lowers a 134 kg box from rest with a force that varies with...

Basic Math
1.2K views

7 Bomb calorimetry is a poor choice to determine the number of nutritional Calories in...

Basic Math
1.2K views

Use a method to yield the eigenvalue with the largest absolute value of the following...

Basic Math
1.2K views

A marble is drawn from a box containing 3 yellow, 5 white, and 13 blue...

Accounting
1.2K views

Presented below is the stockholders' equity section of Oaks Corporation at December 31, 2014: ...

Accounting
1.2K views

Plug Products owns 80 percent of the stock of Spark Filter Company, which it acquired...

Accounting
1.2K views

On 1/1, the CIF Farm bought equipment by paying $7,000 cash. They also incurred a...

Accounting
1.2K views

RPM manufactures racks for CDs. Costs are $13.50 per rack. A wholesaler buys CD racks...

Accounting
1.2K views

xxx reported the following for 2020: Net income (1,040,000) Unrealized loss on debt securities (net...