1. Distinguish between the economic and accounting definitions of income.
2. Discuss the differences between a single-step income statement and a multiple-step income statement and list the elements each format contains.
3. Identify recurring and nonrecurring items and report them on the income statement.
4. Explain the concept of earnings per share and describe how EPS is reported on the income statement.
5. Define comprehensive income and discuss the required disclosures.
6. Use five basic measures to analyze an income statement.
7. Summarize the issues related to quality of earnings.