List the two distinctly different gains and losses that are included on the income statement after continuing operations.

Q: comprehensive income i

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

Q: The cost that is incurred in the process of generating the income will be called as O a. Expense O…

A: Expense is the amount of cost incurred during the period. Revenue is the total amount of receipts.…

Q: Which of the following sentences contains a series that is not parallel?

A: ANSWER: Which of the following sentences contains a series that is not parallel? Let us first…

Q: The following are deductions from items of income, except: *   Cost of sales or service Regular…

A: 1) Cost of sales or service refers to the direct cost of producing the goods sold by a company. It…

Q: Which of the following is included in computing the total gross income?  Incidental revenue Net…

A: Gross Income - It the amount of total income which includes from the other sources include operating…

Q: indicate whether the statement describes a multiple-step income statement or asingle-step income…

A:

Q: Explain the components of income from continuing operations.

A: Continuing operations: The portions of the business which are expected to operate in the future are…

Q: ___________________________ in which the similar expenses are grouped together and intermediate…

A: Revenues is the amount earned by an entity and outlays are the amounts incurred on the operations of…

Q: Which Expense account is usually shown as the last Expense item on the Income Statement, regardless…

A: INCOME STATEMENT income Statement is one of the Important Financial Statement of the Company. It…

Q: It is added to income received to determine the total income for the year that is recorded under the…

A: Net income: It can be defined as the excess of a company's sales revenue over the expenses incurred…

Q: 1) On the Statement of Retained Earnings where does the Beg Balance of RE come from?2) Also…

A: Part-1.The beginning balance of Retained earnings are available in the Trial balance. As the…

Q: The statement of profit or loss and other comprehensive income shall present

A: Profit or loss and other comprehensive income: this is a statement prepared by the company for…

Q: Which of the following refers to the elements of Comprehensive Income?  a) Net Income, Interest…

A: Net income is the excess of sales over all the expenses including interest expense and income taxes.

Q: Which of the following equations expresses the definition of “income”?   Choices; Income = Revenues…

A: Revenues - It is the amount of money received through sale of goods and services . Gains - It is the…

Q: Which of the four basic accounting reports indicates thatit is appropriate to consider revenues and…

A: Four basic accounting reports are: Income Statement Balance Sheet Cash flow Statement Statement of…

Q: In a multiple-step income statement, operating expenses are subtracted from gross profit to compute…

A: Operating expenses are incurred to operate the business and these expenses are not included in the…

Q: An entity shall present all items of income and expenses recognized in a period: I-in a single…

A: Profit and loss is a financial statement that helps in depicting the position of profitability of an…

Q: Accrual Accounting - The Matching Concept How can expenses be recognized in the income statement…

A: The matching concept is a fundamental principle in accounting that requires the recognition of…

Q: 3 Should gains and losses be included in income from continuing operations or should they be…

A: The business generates income from various resources but main source of income is the core business…

Q: When do we use the Income Summary Account? OA. At the beginning of the financial year to close net…

A: The income summary account provides the summary for loss or profits earned by business during…

Q: Describe about the three major components of income from continuing operations.

A: Continuing operations:   The portions of the business which are expected to operate in the future…

Q: Which of the following accounts would not be involved in preparing the income statement? Group of…

A: Profit and loss : Amount earned or lost on the sale of one or more items is referred to as the…

Q: A multistep income statement divides revenues and expenses further to show. Select one: a. subtotals…

A: An income statement that categorizes incomes and expenses into operational and non-operating heads…

Q: balance sheet lists v

A: First option is wrong because revenues, expenses, gains and distributions to owners are listed in…

Q: why adjusting of the income statement, and give three examples of items that are recasted?

A: The company prepares the Income statement to know the net income or losses that arise during the…

Q: Which of the following journals would correctly post an adjustment for deferred (prepaid) income?…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Which of the following is not included under other income? a. Rent received b. Commission received…

A: OTHER INCOME: IT IS THE INCOME THAT DOES NOT COME FROM THE FIRMS MAIN BUSINESS.

Q: Explain to Becky what is meant by discontinued operations and describe to her how that item is…

A: Discontinued operations: Discontinued operations refer to a part of a company’s core business or…

Q: Which Expense account is usually shown as the last Expense item on the Income Statement, regardless…

A: Income statement will be prepared  before the  preparation of the statement of owner’s equity…

Q: Why is Profit and Loss Adjustment Account prepared? Explain.

A: There are following two reasons of why Profit and loss adjustment account is prepared;-  1.   To…

Q: 4. Which of the following is not an element of a statement of comprehensive income? a. Interest…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Identify at least two situations in which important changesin value are not reported in the income…

A: Definition:

Q: Explain the following A.Accounting profit B.Taxable profit C.Deffered taxes

A: In accounting we come across different terms related to the subject of accountancy.   Each term has…

Q: recorded under the accrual basis of accounting A. deferred income - end B. prepaid expense - beg C.…

A: (c) Accrued income-beg , is added to income received to determine the total income for the yearthat…

Q: Identify the correct components of the income statement.A. revenues, losses, expenses, and gainsB.…

A: The income statement seems to be a statement that displays the net profit of the company as well as…