Which of the Following Is True with Respect to Extraordinary

question 65

Multiple Choice

Which of the following is true with respect to extraordinary items?

I. Extraordinary items are recorded net of tax in income statement.
II. Extraordinary items, by definition, are probable and unusual in nature.
III. By definition, gains and losses from strikes are always extraordinary.
IV. By definition, gains and losses from sale of property, plant and equipment are never extraordinary.

• A)I and IV
• B)I, III, and IV
• C)II and IV
• D)I, II, and III

Comprehend the principles and phases involved in setting up or changing an accounting system, including analysis, design, and implementation.

Distinguish between different processing methods in accounting and their significance.

Identify the importance and process of reporting financial information accurately.

Grasp the fundamental concepts and processes within a computerized accounting system.

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Definitions:

Sensitivity

The quality or condition of being sensitive; the ability to perceive or feel emotions or physical stimuli.

Emotional Tone

Emotional tone refers to the overall mood or emotional quality of a communication, situation, or experience, influencing how it is perceived.

Tempo of Activity

The speed or rate at which an action or task is conducted.

Schachter's Two-factor

A theory of emotion that states emotions are composed of two factors: physiological arousal and cognitive label, both of which are necessary to experience emotion.