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 consolidated statement of income.
D) Including gains and losses from discontinued operations of a segment of a business in determining net income.

Question

Quizplus · Accepted Answer

Including corrections of errors made in a prior period is not a method of presenting the income statement. Corrections of errors are typically accounted for retrospectively, not within the current period's income statement.

Which of the Following Is NOT a Generally Practiced Method