An Income Statement Includes Which Of The Following Items Select All That Apply

The general ledger can be used to determine which of the following select all answers which apply.

An income statement includes which of the following items select all that apply. Content of the income statement. Comprehensive income net income other items of comprehensive income. Coins checks money orders. While the balance sheet constitutes a financial snapshot at a given point in time such as december 31 the income statement summarizes a financial movie of operational results over a period of time such as for the year ending december 31.

In a multiple step income statement for a retail company all of the following are included in the operating section except net losses on firm purchase commitments to acquire goods for inventory result from a contract price that exceeds the current market price. The statement of comprehensive income includes items in which order. The operating section of an income statement includes revenue and expenses. 3 3 1 income statement items.

Section 117 excludes from gross income scholarships for degree candidates which includes primary secondary undergraduate or graduate school. Net income other comprehensive income items comprehensive income. The income statement consists of revenues and expenses along with the resulting net income or loss over a period of time due to earning activities. However the exception does not apply to a scholarship that s received in exchange for work done such as teaching work study etc.

In the latter case the report format is called a statement of comprehensive income. The expired portion of prepaid accounts is reported on the income statement as an expense. The income statement is one of a company s core financial statements that shows their profit and loss over a period of time. There is no required template in the accounting standards for how the income statement is to be presented.

Net income other items of net income comprehensive income. The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non operating activities this statement is one of three statements used in both corporate finance including financial modeling and accounting. 4 the items reported on the income statement continue o have an impact beyond the current period whereas items reported on the income statement 2 if a company uses accrual basis accounting the company should record expenses in the same period as the revenues they generate. Instead common usage dictates several possible formats which typically include some or all of the following line items.

Net income other fair value items comprehensive income.