The major elements of the income statement are
A)revenue, cost of goods sold, selling expenses, and general expense.
B)operating section, non-operating section and discontinued operations.
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. Choice A breaks down expenses into specific categories, while choice B breaks down the income statement into sections. However, all of these categories fall under the umbrella of revenues, expenses, gains, and losses. Therefore, choice C is the best answer.

The Major Elements of the Income Statement Are