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TCO 5) The distinction between operating and non-operating income relates to
continuity of income.
principal activities of the reporting entity.
consistency of income stream.
reliability of measurements.
Instructor Explanation: See Chapter 4.
Points Received: 4 of 4
Comments:
Question 2. Question :
(TCO 5) Major Co. reported a 2011 income of $300,000 from continuing operations before income taxes and a before-tax extraordinary loss of $80,000. All income is subject to a 30% tax rate. In the 2011 income statement