The Order of Presentation of Items That May Appear on the Income

question 269

Multiple Choice

The order of presentation of items that may appear on the income statement is

• A) Extraordinary items, Discontinued operations, Income before income taxes.
• B) Discontinued operations, Extraordinary items, Income before income taxes.
• C) Income before income taxes, Discontinued operations, Extraordinary items.
• D) Income before income taxes, Extraordinary items, Discontinued operations.

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Definitions:

Italy

A country located in southern Europe, known for its rich history, cultural heritage, and significant contributions to art, food, and fashion.

Specialization

The process by which individuals, organizations, or nations concentrate on producing a limited range of goods or services, to increase efficiency and productivity.

Exchange

The act of trading goods, services, currencies, or other commodities between parties.

Self-interest

The pursuit of personal advantages and well-being, often guiding individual economic decisions.