When a Company's Activities Include Income-Related Events Not Part of Normal,continuing

question 8

Multiple Choice

When a company's activities include income-related events not part of normal,continuing operations,the complete income statement could potentially have the following sections:

• A)Items from continuing operations and earnings per share for a corporation.
• B)Income or loss from operating a discontinued segment for the current period.
• C)The loss from disposing of the discontinued segment's net assets.
• D)Extraordinary items.
• E)Continuing operations,discontinued segments,extraordinary items,changes in accounting principles,and earnings per share for a corporation.

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Definitions:

Accounts Payable

Money owed by a company to its creditors for goods and services purchased on credit.

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those shown on a bank statement to ensure they align.

Balance Per Books

The ending balance on a company's financial records for a specific account, before any adjustments for reconciliation.

Notes Collected

The process of receiving payment on promissory notes, which are written promises to pay a specific sum of money.