which of these statement presents an "extraordinary item" as shown on an inclme statement?

a. interest rates that increase quickly

b. inventory that becomes obsolete

c. a large discount given to a client

d. a flood that damages inventory

which if the following items are listed as seperate line item on an income statement in order to facilitate analysis and understanding? (select all that apply).

a. a gain on sale of a major division of a company

b. an increase in the sale price by more than 20%

c. the effect on prior years of change in depreciation method

d. a loss due to fire

how are revenues usually listed on an income statement?

a. listed after expenses, near botton of the income statement. revenues are related to sales or services rendered by the company. without revenues, companies cannot stay open for long.

b. listed as notes to the income statement. revenues are related to investments by owners.

c. listed at the top of the income statement. revenues are related to sales or services rendered by the company. without revenues, companies cannot stay open for long.

which of the following statements correctly describes net income or loss?

a. net income or loss is often used in bank reconciliation

b. is shown as the first item on an income statement

c. is the result of a company's revenues less expenses