An Income Statement Would Not Include

question 158

Multiple Choice

An income statement would not include

• A) other revenue and gains.
• B) income from operations.
• C) discontinued operations.
• D) dividends paid.

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Definitions:

Accumulating

The process of gathering or increasing quantities over time, whether it relates to interest, investments, or other assets.

Assigning Manufacturing Costs

The process of allocating direct and indirect costs to the production of goods.

Purchases Account

An account used in accounting to record the total cost of goods purchased during a specific period, including both cash and credit purchases.

Raw Materials

The basic materials from which a product is made, used in manufacturing processes.