Income Statements Prepared Under U

question 76

Multiple Choice

Income statements prepared under U.S.GAAP contain which of the following sections or categories, depending on the nature of a firm's earnings for the period?

• A)income from continuing operations
• B)income, gains, and losses from discontinued operations
• C)extraordinary gains and losses
• D)all of the above
• E)none of the above

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Definitions:

Barriers to Entry

Economic, procedural, or regulatory obstacles that prevent new competitors from easily entering an industry or area of business.

Breaking Even

The point at which total costs and total revenue are equal, resulting in no net loss or gain for a business.

Monopolistic Competitor

A firm in a market structure where many companies sell products that are similar but not identical, allowing for some control over prices.

Monopolistic Competitors

Companies in a market where many sellers offer products that are similar but not identical, giving each some degree of market power.