Choose the correct answer by writing the letter ( A to D) describing the answer
1.The major elements of the income statement are
a.revenue, cost of goods sold, selling expenses, and general expense.
b.operating section, non-operating section, discontinued operations, extraordinary items, and cumulative effect.
c.revenues, expenses, gains, and losses.
d.all of these.
2.Information in the income statement helps users to
a.evaluate the past performance of the enterprise.
b.provide a basis for predicting future performance.
c.help assess the risk or uncertainty of achieving future cash flows.
d.all of these.
3.Limitations of the income statement include all of the following except
a.items that cannot be measured reliably are not reported.
b.only actual amounts are reported in determining net income.
c.income measurement involves judgment.
d.income numbers are affected by the accounting methods employed.
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