Which of the Following Is NOT a Generally Practiced Method

question 131

Multiple Choice

Which of the following is NOT a generally practiced method of presenting the income statement?

• A) Including corrections of errors made in a prior period.
• B) The single-step income statement.
• C) The consolidated statement of income.
• D) Including gains and losses from discontinued operations of a segment of a business in determining net income.

---

Definitions:

Common Mission

A shared goal or purpose that unifies the members of a group, organization, or partnership.

Organization

An organization is a structured group of people working together to achieve common goals, which can range from businesses to non-profits.

For-Profit

For-profit refers to businesses or organizations that are operated with the main goal of making profit, as opposed to non-profit organizations that aim to serve a public or communal cause.

Nonprofit Organization

An entity that operates without the primary goal of making profits, instead focusing on achieving a particular social, educational, or humanitarian mission.