Question

Accountants have advocated two types of income statements based on differing views of the concept of income: the current operating performance and all- inclusive concepts of income.

Required:
a. Discuss the general nature of these two concepts of income.
b. How would the following items be handled under each concept?
i. Cost of goods sold
ii. Selling expenses
iii. Extraordinary items
iv. Prior period adjustments



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  • CreatedDecember 17, 2014
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