Which of the Following Income Statement Items Is Considered to Be

question 52

Multiple Choice

Which of the following income statement items is considered to be permanent?

• A) gains on disposal of equipment
• B) impairment losses
• C) interest expense
• D) discontinued operations

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Definitions:

Philadelphia Convention

The gathering in 1787 that drafted the Constitution of the United States in Philadelphia, also known as the Constitutional Convention.

Congress Representation

The elected individuals who serve in the United States Congress, including members of the House of Representatives and the Senate, representing the American people.

Virginia Plan

A proposal drafted by James Madison and presented by Edmund Randolph to the Constitutional Convention in 1787, suggesting a national government with legislative, executive, and judicial branches structured primarily around population or financial contributions, favoring larger states.

Universal Suffrage

The right of all adult citizens to vote in political elections, regardless of property ownership, income, race, or gender, a fundamental principle of democratic societies.