Assuming there are no prior period adjustments during the fiscal year, net income would be affected by

Name: Assuming there are no prior period adjustments during the fiscal year, net income would be affected by
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Net income is affected by the following items:
I. Revenue
II. Expenses
III. Gains
IV. Losses

Since there are no prior period adjustments, option IV does not affect net income. Therefore, the correct answer is C, which includes options I, II, and III that impact net income.

Assuming There Are No Prior Period Adjustments During the Fiscal