Which of the following is NOT a generally practised method of presenting the income statement?
A)Including corrections of errors made in a prior period.
B)The single-step income statement.
C)The consolidated statement of income.
D)Including gains and losses from discontinued operations of a segment of a business in determining net income.

Question

Quizplus · Accepted Answer

Corrections of errors made in a prior period are typically adjusted in the retained earnings statement, not presented in the income statement.

Which of the Following Is NOT a Generally Practised Method