Question 24 The FASB has adopted the "modified all-inclusive approach" for preparing the income statement. What does this mean? A. All items are included in net income but reported net of tax 8. Only regular and reoccurring items of revenue and expense are recorded in net income. Oc Most items are included in net income, including unusual or irregular ones. Unusual and irregular items are highlighted OD. Management's intentions determine where items should be reported