7 What does “net income” represent: ______________ Select one: a. revenues and gains less expenses and losses from continuing operations only. b. ongoing revenues and expenses before gains, losses, and discontinued operations. c. net income plus/minus other comprehensive income. d. revenues and gains less expenses and losses from both continuing and discontinued operations.

7 What does “net income” represent: ______________ Select one: a. revenues and gains less expenses and losses from continuing operations only. b. ongoing revenues and expenses before gains, losses, and discontinued operations. c. net income plus/minus other comprehensive income. d. revenues and gains less expenses and losses from both continuing and discontinued operations.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 6MC: If a company capitalizes costs that should be expensed, how is its income statement for the current...

See similar textbooks

Similar questions

If total expenses exceed total revenue a net loss is reported on an income statement Select one: O True O False
rr
Which of the following best represents operating income? Seleccione una: a. Income after financing activities b. Earnings before interest and taxes c. Income from discontinued operations d. Income from capital gains
39-Which of the following statement is TRUE for a Multi-Step Income Statement? a. It divides both revenue and expenses into operating and non-operating expenses b. Interest expenses cannot be recorded c. Revenue cannot be recorded d. It takes only operating expense
The resulting amount when total liabilities are subtracted from total assets is known as Select one: O a. Total expenses O b. Net income or net loss Oc. Total revenue O d. Owner's equity
Decrease in economic benefits during the acpounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decrease in equity. b. Decrease in owner's equity. c. Increase in owner's equity. d. Inflows of assets from delivering or producing goods or rendering services. 12. Expenses can be defined as 13. Inventories are assels which are a Held for sale in the ordinary course of business. D. In the form of materials or supplies to be consumed in the production process or in the rendering of services c In the process of production for such sele. d. All of the above. 14. Obligations which are expected to be liquidated through the use of existing current assets or the creation or oiner current liabilities are celled a. Current assets. b. Current liebilities. C. Long-term liabilities. d. Uneamed revenue. 15. Which of the following is a form of revenue? a. A cash purchase invoice b. A check paying a mortgage C. A check paying utilities d. A credit…
Please explain the meaning of the following statement, I don't understand. The income reports net income or net loss that is equal to total revenues and gains, less total expenses and losses or the amount of income or loss that is left after total expenses have been deducted from total income.
View Policies Current Attempt in Progress Which of the following does not belong on a multi-step income statement? O Gross profit. O Net sales, Operating expenses. O Unearned revenue. Attempts: 0 of 1 used Submi Save for Later
a. What is your company’s primary revenue, secondary revenue, and gains? b. What is your company’s primary expenses, secondary expenses, financial activity generated expenses, and losses? c. What is the revenue trend? Does the 10-K or 10-Q discuss primary revenues, as well as other revenue types? d. What do the accounting policies say in the annual report (footnotes) regarding the cost of revenue? What are the drivers to the cost of revenue and the trends?
4. Matching concept does not include one of the following: a. The revenues of a particular period must match with the expenses of that period. b. This concept also required allocation of cost on different accounting periods. c. Revenues should only be recorded if there is reasonable certainty about its realization. d. The comparison of incomes and expenses of a period gives the net profit or loss for that particular period.
The normal ordering of items in the income statement would be best illustrated by which of the following? Group of answer choices A. Income from continuing operations, extraordinary items, cumulative effects, discontinued operations, net income B. Income from continuing operations, discontinued operations, extraordinary items, cumulative effects, net income C. Extraordinary items, cumulative effects, income from continuing operations, discontinued operations, net income D.Discontinued operations, income from continuing operations, extraordinary items, cumulative effects, net income
A gain or loss from a transaction that is unusual in nature or infrequent in occurrence should be reported separately as a component of income Before cumulative effect of accounting changes and after results of discontinued operations. O After income from continuing operations and before results of discontinued operations. After results of income from continuing operations. O Before results of discontinued operations.