A Material Loss Should Be Presented Separately as a Component

question 43

Multiple Choice

A material loss should be presented separately as a component of income from continuing operations when it is

• A) infrequent in occurrence and unusual in nature.
• B) infrequent in occurrence but not unusual in nature.
• C) a cumulative effect-type change in accounting principle.
• D) an extraordinary item.

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Definitions:

Primary Agent

In sociology, refers to individuals or groups (such as family) that play a crucial role in the initial socialization process of an individual.

Socialization

Socialization is the process by which individuals learn and adopt the norms, values, attitudes, and behaviors accepted and practiced by the ongoing social system.

Statistics Canada

The national statistical office of Canada, responsible for producing statistics that help understand the country's population, resources, economy, society, and culture.

Social Trends Institute

A research organization focused on analyzing and providing insights into global socio-cultural trends and their implications on society.