Asked by Dominique Handy on Apr 27, 2024
Verified
Which of the following items would be excluded from "core activities" as defined by the AICPA?
A) recurring nonoperating gains
B) financing costs
C) sales revenue
D) sales commissions
Core Activities
Core activities are the central and essential operations or functions of a business that are directly related to its main purpose and generate the majority of its revenue and profits.
Recurring Nonoperating
A financial term referring to regular income or expenses that arise from activities not related to a company's core operations.
AICPA
Stands for the American Institute of Certified Public Accountants, a professional organization that sets ethical and auditing standards for the accounting profession in the United States.
- Discovering the function and pieces of the income statement in the framework of financial reporting.
Verified Answer
Learning Objectives
- Discovering the function and pieces of the income statement in the framework of financial reporting.
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