Which of the Following Statements Is False

question 18

Multiple Choice

Which of the following statements is false?

• A)The income statement covers a period of time.
• B)A loss on the sale of plant and equipment is considered a peripheral activity and is not reported on the income statement.
• C)Rent expense is a component of operating income.
• D)Interest expense is not a component of operating income.

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Definitions:

Unjust Enrichment

A legal concept where a person unfairly benefits at another's expense without a legally justified reason.

Breach of Contract

Occurs when one party fails to fulfill their obligations under a contract, leading to legal consequences.

Lottery Office

A place or establishment where lottery tickets are sold and winning tickets are redeemed.

Play Slip

A form or ticket used by players to select numbers for lottery games before purchase.