Which of the Following Is Not an Income Statement Account

question 38

Multiple Choice

Which of the following is not an income statement account related to property, plant and equipment?

• A) depreciation.
• B) accumulated depreciation
• C) loss on disposal of plant.
• D) rent on operating leases.

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Definitions:

Rescission

The cancellation of a contract, returning all involved parties to their state before the contract was made.

Damages

Financial compensation awarded to a party in a lawsuit for loss or injury suffered as a result of another party's actions.

Undue Influence

An unlawful practice where an individual or entity exerts excessive pressure or uses manipulative tactics to coerce another party into making a legal decision that they would not have made otherwise.

Non Est Factum

A legal defense claiming a contract is void because the signer was fundamentally mistaken or misled about its nature.