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

Question

Quizplus · Accepted Answer

Income statements prepared under U.S.GAAP contain all of the sections or categories listed, depending on the nature of a firm's earnings for the period. Therefore, income from continuing operations, income, gains, and losses from discontinued operations, and extraordinary gains and losses are all included in the income statement.

Income Statements Prepared Under U