Beruflich Dokumente
Kultur Dokumente
Lecture Outline
Part A: The Income Statement
I. Income from Continuing Operations
A. Income from continuing operations includes the revenues, expenses, gains, and
losses that will probably continue in future periods.
1. Income tax expense always is shown as a separate expense.
2. A distinction often is made between operating and nonoperating income.
(T3-1)
3. A single-step income statement format groups all revenues and gains
together and all expenses and losses together. (T3-2)
4. A multiple-step income statement format includes a number of intermediate
subtotals before arriving at income from continuing operations. (T3-3)