The legal rights that an owner has to possess, use, and enjoy the property are known as ________

Which of the following items would be reported at its gross amount on the face of the income statement?

a. Extraordinary loss b. Prior period adjustment c. Cumulative effect of a change in an accounting principle d. Unusual gain

A clothing retailer sold all the clothes it purchased from manufacturers this year at a positive profit margin. No customer paid for the clothes - all were sold "on credit" (until next year). The result is zero profits for the retailer this year.

a. true b. false