Which of the Following Is Not a Generally Practiced Method

question 73

Multiple Choice

Which of the following is not a generally practiced method of presenting the income statement?

• A) Including prior period adjustments in determining net income
• B) The single-step income statement
• C) The consolidated statement of income
• D) Including gains and losses from discontinued operations of a component of a business in determining net income

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Definitions:

Sue

To initiate legal proceedings against another party, typically for the recovery of a right or redress of a grievance.

Undisclosed Principal

An Undisclosed Principal refers to a situation where an agent acts on behalf of a principal, but the identity of the principal is not revealed to the third party at the time of the transaction.

Suing

The act of initiating legal proceedings against a person or entity to recover a right or redress a grievance.

Enduring Power of Attorney

A legal document that allows an individual to appoint another person to make decisions on their behalf, even if they become mentally incompetent.