1. A separation of operating and non-operating activities of a company exists in

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MULTIPLE CHOICE QUESTION:

1. A separation of operating and non-operating activities of a company exists in

a. Both a multiple-step and single-step income statement.

b. A multiple-step but not a single-step income statement.

c. A single-step but not a multiple-step income statement.

d. Neither a single-step nor a multiple-step income statement.

2. Gains and losses that bypass net income but affect stockholders’ equity are referred to as

a. Comprehensive income.

b. Other comprehensive income.

c. Prior period income.

d. Unusual gains and losses.


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