transitory earnings are present, which of the following correctly depicts the order used on the income statement? Multiple Choice   Income tax expense, income from continuing operations, unusual items, discontinued operations, net income.   Income from continuing operations, unusual items, income tax expense, discontinued operations, net income.   Income from continuing operations, discontinued operations, income tax e

Communication (income statement): The balance of Interest Expense from accruing interest to be paid has what effect on the income statement in the current year? Multiple Choice A. Decreases net income. B. No effect. C. Increases net income.

Why do gains and losses go below "operating income" on the income statement?

please explain your answer and please do not copy from other sources

What is the accounting treatment for discontinued operations? A :    It is reported at its gross amount as an "other revenue or gain" or "other expense or loss".    B :    It is reported as an "other revenue or gain" or "other expense and loss", net of tax.    C :    It only needs to be disclosed in the footnotes of the financial statements.    D :    It may be treated as sales revenue (if it is a gain) and as an operating expense (if it is a loss).

Which item is not included in an S corporation's nonseparately computed income? a. Net sales. b. Cost of goods sold. c. Dividends received. d. Depreciation recapture. e. All of these are included in non-separately computed income.

The adjusting entry to record the accrual of income tax expense includes a: O A. credit to Income Tax Expense. B. debit to Income Tax Payable. C. credit to Accounts Payable. D. credit to Income Tax Payable.

Which of the following is not a from AGI deduction? A. The exclusion of an item of gross income B. Itemized deductions, if taken C. Standard deduction, if taken D. The qualified business income deduction

Which of the following accounting principles requires that expenses be recognized in the same period as the revenue they helped to generate? A) Matching principle B) Conservatism principle C) Revenue recognition principle D) Cost-benefit principle

FASB suggest that revenues are considered to be earned: a. at the point of sale b. throughout the earnings process c. when the company is entitled to its benefits d. when cash is received