The concept that reports extraordinary items in the income statement is called the
A) phase-out period concept.
B) prior period adjustment concept.
C) current operating performance concept.
D) all-inclusive concept.

Question

Quizplus · Accepted Answer

The all-inclusive concept in accounting refers to the approach of including all items of income and expense, including extraordinary items, in the income statement to give a comprehensive view of a company's financial performance.

The Concept That Reports Extraordinary Items in the Income Statement