ACCOUNTING

The single-step income statement emphasizes

total revenues and total expenses.

Which of the following is true about the information provided in the income statementd

All are correct. Helps in evaluating past performance, Helps asses the risk of uncertity

Which of the following is an acceptable method of presenting the income statement?

All of these answer choices are correct.

A correction of an error in prior periods' income will be reported

In the income statement (No) Net of tax (Yes)

Which of the following is not a selling expense?

Office salaries expense

Where must earnings per share be disclosed in the financial statements to satisfy generally accepted accounting principles?

On the face of the income statement.

The major elements of the income statements are

Revenues expenses gains and losses

When a company discontinues an operation and disposes of the discontinued operation (component), the transaction should be included in the income statement as a gain or loss on disposal reported as

an amount after continuing operations but before extraordinary items.

Companies use intraperiod tax allocation for all of the following items except

changes in accounting estimates.

Income taxes are allocated to

extraordinary items. discontinued operations. prior period adjustments.

The income statement reveals

net earnings (net income) of a firm for a period of time