Which of the following is not a generally practiced method of presenting the income statement?
A) Including prior period adjustments in determining net income
B) The single-step income statement
C) The consolidated statement of income
D) Including gains and losses from discontinued operations of a component of a business in determining net income

Question

Quizplus · Accepted Answer

Including prior period adjustments in determining net income is not a generally practiced method of presenting the income statement. Prior period adjustments are usually separately disclosed and presented outside of the income statement.

Which of the Following Is Not a Generally Practiced Method