Gain and losses are reported on the multi-step income statement under which of the following classifications?

Question

Quizplus · Accepted Answer

Gains and losses are typically unrelated to a company's normal operations and are classified as other revenues and expenses. Cost of sales relates to the cost of goods sold, operating revenues and expenses are related to a company's core business operations, and gross margin is the difference between revenues and cost of sales.

Gain and Losses Are Reported on the Multi-Step Income Statement