When Preparing an Income Statement, Which of the Following Is

question 188

Multiple Choice

When preparing an income statement, which of the following is the proper order for income statement components?

• A)Comprehensive income, Other comprehensive income items, Net income
• B)Net income, Comprehensive income, Other comprehensive income items
• C)Net income, Other comprehensive income items, Comprehensive income
• D)Other comprehensive income items, Net income, Comprehensive income

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Definitions:

Statute of Frauds

A legal concept that requires certain types of contracts to be written and signed by the party or parties to be charged, in order to be legally enforceable.

Oral Contract

An agreement between parties that is spoken rather than written but is still legally binding.

Quasi Contract

An obligation imposed by law to prevent unjust enrichment, even though no formal contract exists between the parties.

Remedies

The means by which a right is enforced or the violation of a right is prevented, redressed, or compensated.