USGAAP and IFRS Require Separate Income Statement Display of Income

question 32

Multiple Choice

U.S.GAAP and IFRS require separate income statement display of income from continuing operations and _____earnings that will not continue because the firm either sold, or made a decision to sell, a portion of its business) .Such a requirement aids users of the income statement in predicting future earnings.

• A)income from discontinued operations
• B)extraordinary items
• C)changes in accounting principles
• D)sale of individual assets
• E)none of the above

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Definitions:

Public Bureaucracy

The body of government officials and administrators, often career civil servants, responsible for implementing policies and administering public programs.

Profit

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes associated with them.

President's Advisers

A group of senior officials and experts who provide counsel and assistance to the President of the United States on various matters.

Cabinet

A body of advisers to the president composed of the heads of the executive departments of the government.