Beach and Poole, CPA is reviewing income statement presentation with some interns that are working with the firm during the summer break. The interns were asked to list three things that were true about the multiple-step income statement. Choose the item below that is a true statement. 16 a. The multiple-step income statement lists gains and losses as a part of income from normal operations. b. The multiple-step income statement shows income or loss from operations after the gross profit and operating expenses lines but before other revenues and gains. c. Restructuring costs are classified as part of operating expenses and is separately reported. d. Gain or loss on sale of equipment held for disposal from discontinued operations is included in the continuing operations section of the income statement. ab onul no

Value economics capital scarcity opportunity cost wealth labor trade-offs standard of living good a. condition of not having enough resources to produce all the things people want b. alternative choices made by consumers in the marketplace c. sum of those economic products that are tangible, scarce, useful, and transferable d. tools, equipment, machinery, and factories used in the production of goods and services e. tangible item that is economically useful or that satisfies an economic want f. quality of life based on the ownership of the necessities and luxuries that make life easier g. people with all their efforts, abilities, and skills h. cost of the next-best alternative use of money, time, or resources when one choice is made rather than another i. study of how people try to satisfy their needs through the careful use of scarce resources j. worth that can be expressed in dollars and cents