Asked by Brittany Hoffman on May 11, 2024
Verified
On the income statement, miscellaneous expenses are usually presented as the last item without regard to the dollar amount.
Income Statement
An Income Statement is a financial document that reports a company's revenues, expenses, and net income over a specific period of time.
Miscellaneous Expenses
Minor or incidental expenses that do not fit into the standard expense categories of a business's budget.
- Identify the classification and nature of different balance sheet and income statement accounts.
Verified Answer
RA
Rodnesha AustinMay 15, 2024
Final Answer :
True
Explanation :
Miscellaneous expenses are typically listed last on the income statement, as they are not large enough to warrant a separate line item and are grouped together regardless of their individual amounts.
Learning Objectives
- Identify the classification and nature of different balance sheet and income statement accounts.
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