Student Solution

-->

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

1 University

1 Course

2 Subjects

Download Solution

Related Solution

Week 11 Chapter Assi...
1. What scandals occurred in 1980 and what were the effects? Iran-Contra scandal occurred in the 1980s. Millions of people were plunged into poverty, hunger, illness, and homelessness. In the 1980s, d...

Week 11 Chapter Assignment
Week 11 Chapter Assignment

1. What scandals occurred in 1980 and what were th

Final Portfolio_1668...
Draft 1: All of a sudden my world came crashing down with these four words, “I’m having an affair.” The room spun and I felt as though I couldn’t breathe. My name is Robin and I have been married f...

Final Portfolio
Final Portfolio

Draft 1: All of a sudden my world came crashing

Assessment 1_1666157...
A defined set of principles, functions, and aspirations that determine how well a company will perform in a particular industry, or sector, whose assets or sales set is called a business strategy. How...

Assessment 1
Assessment 1

A defined set of principles, functions, and aspira

Week Four Individual Discussion Questions

Week Four Individual Discussion Questions

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.

View Related Questions

Solution Preview

View Complete Solution
There are many assumptions and estimations made in the accounting, and income is reported according to these assumptions. Therefore, exercising caution is required because various assumptions are followed in the accounting process, and outcomes such as net income represent those considerations. If the assumptions are not well founded, distortions will appear in the income reported. Furthermore, the objectives of GAAP in relation to the income statement are to ensure that transactions belonging to a specific period should be reported in the same period,