On an income statement covering January 1 to June 30,____ would not be included as income.
A) wages and salaries received in that six months
B) interest received on June 30
C) auto sold with payment received May 15
D) inheritance granted in April,to be paid in September
E) income tax refund received April 14

Question

Quizplus · Accepted Answer

Inheritance granted in April to be paid in September would not be included as income on an income statement covering January 1 to June 30 as it is not received within that time period. A, B, and C are all income received during the specified time period and would be included in the income statement. E is also income received during the specified time period but may be categorized differently on the income statement, depending on the circumstances.

On an Income Statement Covering January 1 to June 30,____