1. Non-operating activities on the income statement are:
continuing activities done on the side (not the main source of revenue for the firm).
continuing activities that are the main source of revenue for the firm.
non-continuing activities that generated a significant one-time revenue or loss.
non-continuing activities that generated an insignificant one-time revenue or loss.
2. Normally, the first note to the financial statements is:
a discussion of subsequent events
management’s discussion and analysis
the auditor’s report
the summary of significant accounting policies