Which of the Following Items Does Not Have to Be

question 5

Multiple Choice

Which of the following items does not have to be presented as a line item on the face of a statement of profit or loss and other comprehensive income?

• A) Closing inventories.
• B) Post-tax profit or loss of discontinued operations.
• C) Profit or loss attributable to non-controlling interests.
• D) Revenue.

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Definitions:

Excise Tax

An indirect tax charged on the sale of a particular good, usually intended to discourage use of the good or to raise revenue.

Tax Incidence

The degree to which a tax falls on a particular person or group.

Burden of a Tax

The economic impact of a tax on the welfare of buyers or sellers, often depending on the relative elasticities of demand and supply.

Taxable Income

The amount of an individual's or a company's income used to determine how much tax is owed to the government.