Both revenues and gains increase both net income and owners' equity.
Correct Answer:
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Q5: Prior period adjustments can either be added
Q7: Gains or losses from exchange or translation
Q9: Use of a multiple-step income statement will
Q9: Companies frequently report income tax expense as
Q10: A strength of the income statement as
Q11: Discontinued operations, extraordinary items, and unusual gains
Q13: Earnings management generally makes income statement information
Q14: Companies only restrict retained earnings to comply
Q16: A company that reports a discontinued operation
Q18: The transaction approach of income measurement focuses
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