When the disposal of a significant segment occurs, the income statement should report both income from continuing operations and income (loss) from discontinued operations.
Variations among companies in the application of generally accepted accounting principles may reduce quality of earnings.
The three basic tools of analysis are horizontal analysis, vertical analysis, and ratio analysis.
Pro forma income usually excludes items that the company thinks are unusual or nonrecurring.
Extraordinary items are reported net of applicable taxes in a separate section of the income statement.
In vertical analysis, the base amount in an income statement is usually net sales.
Inventory turnover measures the number of times on the average the inventory was sold during the period.
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