For Interim Financial Reporting, an Extraordinary Gain Occurring in the Second

question 103

Multiple Choice

For interim financial reporting, an extraordinary gain occurring in the second quarter should be

• A) recognized ratably over the last three quarters.
• B) recognized ratably over all four quarters with the first quarter being restated.
• C) recognized in the second quarter.
• D) disclosed by note only in the second quarter.

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Definitions:

Clairvoyance

The purported psychic ability to gain information about an object, person, location, or physical event through extrasensory perception.

Psychometry

The psychological measurement of mental functions and behaviors, often through standardized tests.

Facial Expression

The use of facial muscles to convey emotions or reactions.

Speech Intonation

The variation of pitch in speech that can alter the meaning and convey emotion.