Multiple Choice
Which statement is true concerning gains and losses?
A) Gains and losses are reported on the balance sheet in the Assets and Liabilities sections, respectively.
B) Gains and losses are special types of revenues and liabilities that are reported on the income statement.
C) The amounts of gains and losses are included in the calculation of the current ratio, in the numerator and denominator, respectively.
D) None of these choices.
Correct Answer:
Verified
Correct Answer:
Verified
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