Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 25 - No. 20)
Which of the following items is NOT usually considered when preparing an income statement for a partnership?
Revenue
Cost of goods sold
Partners' salaries
Operating expenses
Explanation
Partners' salaries are shown in the appropriation account, not the income statement, while Revenue, COGS and operating expenses are shown in the income statement.
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