In a Statement of Realization and Liquidation,unusual Revenue Items Are

question 36

Multiple Choice

In a statement of realization and liquidation,unusual revenue items are reported under:

• A) assets.
• B) extraordinary items.
• C) supplementary items.
• D) These are never reported.

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Definitions:

Purchase Discounts

A reduction in the price paid for goods or services, often provided by the seller to encourage prompt payment.

Freight-In

The cost associated with transporting goods to a company's location, which is typically included in the inventory cost of the purchased goods.

Single-Step Format

In accounting, a method of income statement preparation where expenses are subtracted from revenues in a single step to calculate net income.

Pretax Income

The income earned by a business before tax is deducted.