How do accountant treat 1 Cost of goods 2 Selling expenses 3 Extraordinary items 4 Prior period adjustment under all-inclusive concept of income?

Under the all-inclusive concept of income, Accountants treat cost of goods sold as an expense directly related to revenue, reducing gross profit. Selling expenses are also classified as operating expenses, impacting net income. Extraordinary items are reported separately in the income statement, typically below net income, to highlight their unusual nature. Prior period adjustments are made to correct errors from previous periods and are reflected in the retained earnings section of the balance sheet rather than the income statement.