Which of the Following Would Not Be Reflected in the Income

question 47

Multiple Choice

Which of the following would not be reflected in the income statement?

• A) An extraordinary item
• B) Cumulative effect of a change in depreciation methods
• C) Loss on disposal of a segment of a business
• D) Correction of an error in previously issued financial statements

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Definitions:

Fresh Footprints

Recent marks or impressions left on the ground by feet, indicating the presence or past movement of a person or animal.

Implicit Propositions

Ideas or assertions that are assumed within an argument but not directly stated.

Virtuous

Characterized by or exhibiting virtue, moral excellence, or righteousness.

Society

A group of individuals involved in persistent social interaction, or a large social grouping sharing the same geographical or social territory, typically subject to the same political authority and dominant cultural expectations.