In Order to Be Classified as an Extraordinary Item in the Income

question 39

Multiple Choice

In order to be classified as an extraordinary item in the income statement, an event or transaction should be

• A) unusual in nature, infrequent, and material in amount.
• B) unusual in nature and infrequent, but it need not be material.
• C) infrequent and material in amount, but it need not be unusual in nature.
• D) unusual in nature and material, but it need not be infrequent.

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Definitions:

Calories

A unit of energy used to quantify the amount of energy provided by foods and beverages.

Atherosclerosis

The buildup of fatty deposits (plaque) on the lining of arteries.

Arteries

Blood vessels that carry oxygenated blood away from the heart to the rest of the body.

Amyloidosis

A disease characterized by the accumulation of amyloid proteins in various tissues of the body, potentially leading to organ dysfunction.