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Discuss the general nature of the two concepts of income

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Accountants have advocated 2 types of income statements based on differing views of the concept of income: the current operating performance and all-inclusive concepts of income.

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

Problem b) How would the following items be handled under each concept? i. Cost of goods sold ii. Selling expenses iii. Prior period adjustments

Reference no: EM132893292

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