All of the Following Components Are Shown in the Income

question 1

Multiple Choice

All of the following components are shown in the income statement net of applicable income taxes EXCEPT

• A) discontinued operations.
• B) cumulative effect of a change in accounting principle.
• C) gain or loss on sale of plant assets.
• D) extraordinary gain or loss.

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Definitions:

New Economy

An economic era characterized by the importance of information technology, globalization, and knowledge-based work.

Challenges

Refers to difficulties or obstacles that need to be overcome, often leading to growth, learning, or improvement.

Future Manager

A prospective or aspiring manager who is currently in the process of developing the necessary skills and qualifications for management roles.

AASB 141

The Australian Accounting Standards Board standard related to agriculture, guiding the accounting for agricultural activities, including the recognition and measurement of biological assets and agricultural produce.