. The major elements of the income statement are:revenue, cost of goods sold, selling expenses, and general expense.operating section, non-operating section, discontinued operations, and cumulative effect.revenues, expenses, gains, and losses.revenues, irregular items, and general expenses. The income statement provides investors and creditors with information to predict all of the following except the: amount of future cash flows.sources of future cash flows.timing of future cash flows.uncertainty of future cash flows. In order to be classified as an extraordinary item in the income statement, an event or transaction should be:unusual in nature, infrequent, and material in amount.unusual in nature and infrequent, but it need not be material.infrequent and material in amount, but it need not be unusual in nature.unusual in nature and material, but it need not be infrequent. Which of the following is a change in accounting principle?a change in the estimated service life of machinerya change from FIFO to LIFOa change from straight-line to double-declining-balancea change from FIFO to LIFO and a change from straight-line to double-declining-balance

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Answered: The major elements of the income…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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. The major elements of the income statement are:

revenue, cost of goods sold, selling expenses, and general expense.
operating section, non-operating section, discontinued operations, and cumulative effect.
revenues, expenses, gains, and losses.
revenues, irregular items, and general expenses.
The income statement provides investors and creditors with information to predict all of the following except the:
amount of future cash flows.
sources of future cash flows.
timing of future cash flows.
uncertainty of future cash flows.
In order to be classified as an extraordinary item in the income statement, an event or transaction should be:
unusual in nature, infrequent, and material in amount.
unusual in nature and infrequent, but it need not be material.
infrequent and material in amount, but it need not be unusual in nature.
unusual in nature and material, but it need not be infrequent.
Which of the following is a change in accounting principle?
a change in the estimated service life of machinery
a change from FIFO to LIFO
a change from straight-line to double-declining-balance
a change from FIFO to LIFO and a change from straight-line to double-declining-balance

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