FAR 1.2 - Income Statement & Balance Sheet

Question 1

Reports operating revenues and expenses separately from non operating revenues and expenses ands other gains and losses

Answer 1

The multiple step income statement

Question 2

Presentation of income from continuing operations, total expenses are subtracted from total revenues

Answer 2

The single steps income statement

Question 3

This type of balance sheet distinguishes current and non-current assets and liabilities

Answer 3

Classified balance sheet