Which Statement Is True Concerning Gains and Losses

question 134

Multiple Choice

Which statement is true concerning gains and losses?

• A)Gains and losses are reported on the balance sheet in the Assets and Liabilities sections, respectively.
• B)Gains and losses are special types of revenues and expenses that are reported on the income statement.
• C)The amounts of gains and losses are included in the calculation of the current ratio, in the numerator and denominator, respectively.
• D)Gains and losses are reported only on a multi-step income statement.

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Definitions:

Portugal

Portugal is a southern European country on the Iberian Peninsula, known for its long history, cultural heritage, and significant contributions to world exploration.

Wine

An alcoholic beverage made by fermenting grapes or other fruits, with a rich history and variety across cultures.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing between multiple options.

Sweden

A Nordic country in Northern Europe, known for its high standard of living, well-developed welfare states, and neutral foreign policy stance.