Which of the Following Is True of Monetary Damages

question 38

Multiple Choice

Which of the following is true of monetary damages?

• A)Monetary damages are available only for material breaches of contract.
• B)Dollar damages are not monetary damages.
• C)Compensatory damages are not monetary damages.
• D)Consequential damages are monetary damages.

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Definitions:

Net Income

The total profit of a company after all expenses and taxes have been deducted from total revenues.

Infrequent Gain/Loss

Earnings or losses that arise from events that are not expected to recur regularly, distinguished from ordinary operational results.

Continuing Operations

The segments of a business expected to continue operating into the foreseeable future, excluding any discontinued operations.

Extraordinary Item

An unusual and infrequent gain or loss that is reported separately in the financial statements.