Which of the following items would be reported at its gross amount on the face of the income statement?
A) Extraordinary loss
B) Prior period adjustment
C) Cumulative effect of a change in an accounting principle
D) Unusual gain

Question

Quizplus · Accepted Answer

Unusual gain would be reported at its gross amount on the face of the income statement. Extraordinary loss, prior period adjustment, and cumulative effect of a change in an accounting principle would all be reported net of tax on the face of the income statement, after the line for income from continuing operations.

Which of the Following Items Would Be Reported at Its