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Please answer the following questions in one forum post. Make sure to write 2-3 sentences for each question. Total total forum post (for all questions) should be a minimum of 250 words.
1) What are the differences between a single step and a multi-step income statement?
2) What is the operation section of the multi-step income statement? Which types of accounts go into that section?
3) What types of accounts go into “Other Revenues and Gains?” What types of accounts go into “Other Expenses and Losses?”
4) What is a discontinued operation? What is an example of a discontinued operation? Explain.
5) What are some examples of “unusual gains” and “unusual losses” for a company?
6) How does a “revenue” differ from a “gain?” How does an “expense” differ from a “loss?” Explain.
7) What is a “below the line item?” What does it mean if an item is “below the line?”
8) What is non-controlling interest?
9) What is earnings per share? How is it computed?
10) When there is a change in an accounting principle, how is it handled? What is an example of a change in an accounting principle?
11) What is the difference between retrospective and prospective adjustment? In what type of situation would there be a prospective adjustment?
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