Seeing is believing!
Before you order, simply sign up for a free user account and in seconds you'll be experiencing the best in CFA exam preparation.
Basic Question 6 of 11
The first expense deduction from sales on the multiple-step format of the income statement is ______.
B. advertising expense
C. depreciation and amortization
A. cost of goods sold
B. advertising expense
C. depreciation and amortization
User Contributed Comments 2
| User | Comment |
|---|---|
| albert2008 | Isn't COGS the first deduction for single step as well? |
| JGoff | COGS = Cost Of Goods Sold |
Thanks again for your wonderful site ... it definitely made the difference.
Craig Baugh
Learning Outcome Statements
evaluate a company's financial performance using common-size income statements and financial ratios based on the income statement
CFA® 2025 Level I Curriculum, Volume 2, Module 2.