Please pick the correct answer

All of the following are reported on the income statement net of tax except

irregular items.

other comprehensive income items.

income from operations.

extraordinary items.

All of the following statements regarding changes in accounting principles are true except which of the following?

Most changes in accounting principles are only reported in current periods when the principle change takes place.

Changes in accounting principles are allowed when new principles are preferable to old ones.

Most changes in accounting principles are retroactively reported.

Consistency is one of the biggest concerns when a change in accounting principle is undertaken.

Which of the following items appears on the income statement before income before irregular items?

Other comprehensive income.

Extraordinary items.

Income tax expense.

Discontinued operations.

Which of the following would not be considered a change in accounting principle?

Changing the estimated percentage used in calculating bad debt expense

Changing the inventory costing method used from FIFO to LIFO

Changing from straight-line depreciation to double-declining balance depreciation

Changing from the cost method of accounting for investments to the equity method

The Raw Materials Inventory account is

a subsidiary account.

debited for invoice costs and freight costs chargeable to the purchaser.

debited for purchase discounts taken.

debited for purchase returns and allowances.

Factory labor costs

accumulate in advance of utilization.

accumulate in a control account.

include sick pay earned by factory workers.

accumulate in the Factory Labor Expense account.