Gains and Losses Are Reported as Non-Operating Items on the Income

question 151

True/False

Gains and losses are reported as non-operating items on the income statement.

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Definitions:

False Imprisonment

An intentional tort that prohibits the unlawful confinement of another for an appreciable time without his consent.

Confinement

The act of restricting someone or something within a space or area; imprisonment.

Plaintiff

A plaintiff is the party who initiates a lawsuit against another party (the defendant) in a court of law, seeking legal remedy for a dispute or injury.

Tort

A civil wrong that causes someone else to suffer loss or harm resulting in legal liability for the person who commits the tortious act.