According to Marshall, ______ are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.

• A.Assets
• B.None of above
• C.Liabilities
• D.Credentials

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Which of the following statements is TRUE regarding income statements?

• A.Net profit is a company's earnings before operating expenses have been deducted.
• B.A company's operating expenses are usually listed as the first line item.
• C.Gross profit is the difference between net sales and cost of goods sold.
• D.Gross revenue is the total amount of sales after deductions are applied.

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