Which of the Following Line Items Are Reported Net of Tax

question 54

Multiple Choice

Which of the following line items are reported net of tax on the income statement?

• A)operating loss of discontinued operations
• B)loss on sale of discontinued segment
• C)extraordinary loss due to flood damage in factory in Phoenix,Arizona
• D)all of the above

Distinguish between goods and services under the Sale of Goods Act.

Recognize the implications of the Act for consumer protection.

Analyze the conditions and warranties implied by the Sale of Goods Act.

Understand the remedies available for breach under the Sale of Goods Act.

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Definitions:

Duty Of Care

The legal obligation to avoid acts or omissions that could foreseeably cause harm to others.

Regulation

Rules or directives made and maintained by an authority to control or govern behavior within a system.

Malicious Prosecution

A tort action based on criminal or quasi-criminal prosecution motivated by ill will toward the accused and lacking reasonable evidential grounds for proceeding.

Qualified Privilege

Exemption from liability for defamatory statements made pursuant to a duty or special interest, so long as the statement was made honestly and without malice and was circulated only to those having a right to know.