The major elements of the income statement are
A)revenue, cost of goods sold, selling expenses, and general expense.
B)operating section, nonoperating section, discontinued operations, extraordinary items, and cumulative effect.
C)revenues, expenses, gains, and losses.
D)all of these.

Question

Quizplus · Accepted Answer

The major elements of the income statement are revenues, expenses, gains, and losses. Option A describes the breakdown of expenses in more detail, Option B includes extra sections that may not always be present, and Option D is too broad and includes options that are not specific elements of the income statement.

The Major Elements of the Income Statement Are