Information about different companies and about different periods of the same company can be prepared and presented in a similar manner. Comparability and consistency are related to which of these objectives? a. b. Comparability Companies Companies Periods Periods Consistency Companies Periods Companies Periods c. d. Select one: O A.C . C.D O DA Next page 4 W The difference between revenue from selling inventory or services and the operating cost of running the business is called: Select one: O A. Operating income. O B. Gross profit. C. Income before taxes. O D. Net income. Next page W Net income: Select one: A. is the result of "assets minus liabilities." OB. equals "cash receipts minus cash payments." O C. equals revenues plus expenses. O D. is a part of Comprehensive Income. e Next page 9 V Which of the following events is not a transaction that would be recorded in a company's accounting records? Select one: A. The hiring of a key executive. O B. The purchase of equipment on account. O C. The purchase of equipment for cash. D. The investment of additional cash in the business by the owner. Next page X W Independent auditors express an opinion on the: Select one: A. Soundness of a company's future. O B. Fairness of financial statements. OC. Quality of a company's management. o D. Accuracy of financial statements. Next page e A W A firm's comprehensive income: Select one: O A. Could be greater than or less than net income. O B. Is the same as its net income. O C. Is less than its net income. D. Is greater than its net income. Finish attempt ... e 0 MacBook Pro