Which of the following is NOT a generally practiced method of presenting the income statement?
A) including corrections of errors made in a prior period
B) the single-step income statement
C) the multiple-step income statement
D) including gains and losses from discontinued operations

Question

Quizplus · Accepted Answer

The correction of errors made in a prior period would be reflected in the statement of retained earnings or in the notes to the financial statements, but not in the income statement. The other options are all commonly used methods of presenting the income statement.

Which of the Following Is NOT a Generally Practiced Method