Accounting Stuff on Instagram: "Income Statement Quiz 2 Can you answer these five questions on the Income Statement in accounting? 1. In Accrual Accounting, the Income Statement summarizes a business's Cash Inflows & Outflows over a period of time. True or False? 2. Cost of Goods Sold is an example of an Indirect Cost. True or False? 3. Operating Profit is commonly referred to as "EBIT". True or False? 4. Interest Expenses are classified as Non-Operating Expenses on the Income Statement. True or