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Topic: Income Statement Format Accountants have advocated two types of income statements based on differing...

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Accounting

Topic: Income Statement Format Accountants have advocated two types of income statements based on differing views of the concept of income: the current operating performance and all-inclusive concepts of income.

Required:

a. Discuss the general nature of these two concepts of income.

b. How would the following items be handled under each concept?

i. Cost of goods sold

ii. Selling expenses

iii. Extraordinary items

iv. Prior period adjustments

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