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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Week Four General Discussion Question

Week Four General Discussion Question

Q Reply to the following instructor's general discussion question(s) according to the discussion board guidelines. Chapter 4 is replete with examples of how to prepare a multiple-step income statement. The issue is where and how to report the different categories of income or loss such as unusual/infrequent gains or losses, discontinued operations, earnings per share, etc. Of course, this applies to mostly publicly-traded corporations. Discuss two or three new concepts learned from the chapter.

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As stated in the discussion prompt for this week, it can be challenging to decide how to and where to report the various categories of income or loss. The solution that the accounting profession has implemented is called the “modified all-inclusive concept”. This method has accountants record items even if they are irregular or not typical regardless of their materiality and requires that these items be highlighted so that users of the income statement can flag them easily. It is said that it is important to record these types of items because they truly do affect the future profitability of a company’s operations.