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In general, an income statement summarizes revenues and expenses and gains and losses, and ends with the net income for a specific period. However, to comprehend...
Income statement summarize past transactions and events. Many users of income statements are interested in the past only to the extent that it can help predict...
U.S. GAAP requires that three special items be displayed on an after-tax basis in the income statement, they are: (1) discontinued operations, (2) extraordinary items, and...
One among irregular items that gets special accounting consideration is an extraordinary event. An extraordinary item is a transaction or event that is both unusual and...