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. After income from continuing operations and before results of discontinued operations. O After results of income from continuing operations, Before results of discontinued operations.

Q: comprehensive income i

A: Other comprehensive income is closed to Correct answer :- D     - Accumulated other comprehensive…

Q: In accounting, which principle emphasizes recording transactions at their original cost? A) Matching…

A: The accounting principles are considered to be the general guidelines and the rules which relate to…

Q: Unearned Revenue is classified as​ a(n) ________ account.         A. equity   B. revenue   C.…

A: Unearned revenue is money received by an individual or company for a service or product that has yet…

Q: Revenue from sources other than the primary operating activity of a business like interest expense…

A: The Multistep income statement categories the different revenues and expenses incurred during the…

Q: A debit balance in the Retained Earnings accounts is reported as a (an) a. asset b.…

A: Retained Earnings refers to amount of Profit set aside by the company during the year. it is known…

Q: Which of the following would NOT be reflected in the income statement?

A: Income statement- it is a part of financial statements prepared by the company that shows the…

Q: transitory earnings are present, which of the following correctly depicts the order used on the…

A: Transitory earning are temporary earnings that are not earned in the regular course of business.…

Q: Which of the following accounts normally has a debitbalance?a. Unearned Revenueb. Rent Expensec.…

A: correct option is b.) Rent Expense Generally Assets, expenses, losses, and the owner's drawing…

Q: Treating an immediate expense as a capital expenditure: O overstates expenses and understates net…

A: Immediate expense is directly charged in the income statement reducing the net income for the…

Q: Which of the following best represents operating income? Seleccione una: Oa. Income after financing…

A: Income after financing activities (option a): This option describes the net income remaining after…

Q: Which of the following principles matches expenses with associated revenues in the period in which…

A: Solution:- the following principles matches expenses with associated revenues in the period in which…

Q: Which of the following accounts would never be reportedin the income statement as an expense?a.…

A:

Q: Loss contingencies are usually recognized in the income statements of the period when     a.…

A: Solution; Loss contingencies are usually recognized in the income statements of the period when…

Q: Which of the following is not part of the definition of an asset  O a. Control of a resource  O b.…

A: Asset can be defined as a resource controlled by the entity as a result of past events from which…

Q: A change from cash basis to accrual basis should be reported A. Retroactively as a correction of…

A: Cash basis refers to the accounting of the transactions as and when the cash is received. Whereas…

Q: a correction in the calculation of earnings per share of a prior period   a material difference…

A: Prior period adjustments are adjustments made to periods that are not current but have already been…

Q: Discuss the appropriate treatment in the income statement for the following items: a.    Loss on…

A:

Q: A decrease in net assets arising from peripheral or incidental transactions is called a(n) * O…

A: Cost is the amount incurred which measured in monetory terms.It is in form of an expense or an…

Q: Which of the following is accounted for as a change in accounting policy? A. A change in the…

A: Change in Accounting Policy means switching from one typebod GAAp method to another Type of GAAP…

Q: is the debit and credit of revenue the same as retained earnings true or false

A: Increase in revenue is recorded as a credit.decrease in revenue (rare, as revenue is usually…

Q: Any gain or loss on the restatement of non-monetary items is included: In the profit or loss,…

A:

Q: Revenues and expenses may be transferred to the​ ________ account before their final transfer into…

A: Journal entry for transfer of Revenues and expenses: Date Accounts Debit Credit   Revenue xxxx…

Q: 2) Accounts receivable erroneously debited to note receivable  Effect on retained earnings -Since…

A: We know that both the accounts receivable and notes receivable are current assets. Retained earnings…

Q: Accounting type Question: The basis of income Measurement is A. Matching concept B. Accounting…

A: Income measurement is the measurement of how much money a business earns in the accounting period.…

Q: If a company reports discontinued operations, EPS must be disclosed for both income from continuing…

A: Earnings Per Share (EPS) serves as a fundamental metric for investors, representing the…

Q: Which accounting principle requires that expenses be matched with revenues? a) Revenue Recognition…

A: Step 1: Introduction to accountingAccounting is defined as the process of recording business…

Q: Items directly affecting Retained Earnings include all of the following Except Choices; Non-Current…

A: Retained earnings is the amount of earnings accumulated over the period of time. Statement of…

Q: What is the accounting treatment for discontinued operations? A :    It is reported at its gross…

A: In the today's world, it is possible that an entity of group is not earning profit due to several…

Q: Accounting type Question: Which of the following is a non operating expense? A. Salary of Managing…

A: Interest expense is generally considered a non-operating expense. Non-operating expenses are costs…