Which of the following would not be reflected in the income statement?
A) An extraordinary item
B) Cumulative effect of a change in depreciation methods
C) Loss on disposal of a segment of a business
D) Correction of an error in previously issued financial statements

Question

Quizplus · Accepted Answer

The correction of an error in previously issued financial statements is typically adjusted in the retained earnings of the balance sheet, not the income statement.

Which of the Following Would Not Be Reflected in the Income