Which of the following appear on an income statement in the revenue section?
I. Revenue or income from the primary activity of the business
II. Revenue or income from any secondary activities of the business
III. Gains recognized by the business
A)I, II, and III
B)I
C)II
D)I, II
E)None will appear on the income statement.

Question

Quizplus · Accepted Answer

The revenue section of the income statement shows revenue from primary activities, revenue from secondary activities, and gains recognized by the business.
Key Takeaway: Income statements contain all elements of income within the revenue section, including those from a business' primary activity. For example all elements of an income could include: sales (revenue or income from the primary activity); renting out unused space (revenue or income from a secondary activity); and the sale of a long term asset, such as land (a gain recognized by the business).

Which of the Following Appear on an Income Statement in the Revenue