A statement of income would not include
A)assets held for sale of a discontinued operation.
B)a loss on disposal of a component of an entity.
C)an operating loss on discontinued operations.
D)an unusually large bad debt expense.

Question

Quizplus · Accepted Answer

Assets held for sale of a discontinued operation are reported in the statement of financial position, not in the statement of income. The statement of income includes items like losses on disposal, operating losses on discontinued operations, and bad debt expenses, which are related to the entity's operational performance and expenses.

A Statement of Income Would Not Include