Items Appear on the Income Statement in Which Order

question 3

Multiple Choice

Items appear on the income statement in which order?

• A)Discontinued operations, extraordinary gains and losses, and income from continuing operations
• B)Income from continuing operations, discontinued operations, and extraordinary gains and losses
• C)Extraordinary gains and losses, change in accounting principle, and discontinued operations
• D)Discontinued operations, extraordinary gains and losses, and income from continuing operations.

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Definitions:

Net Unilateral Transfers

Financial flows from one country to another that are not reciprocated, typically covering aid, grants, and remittances.

Financial Account Surplus

A situation where the incoming financial resources (like foreign investments) into a country exceed the resources flowing out of the country.

British Pound

The official currency of the United Kingdom, also known as Sterling, used across the UK and its territories.

Appreciates

An increase in the value of an asset or currency over time, often due to market demand or economic conditions.