Which of the Following Is Never Classified as an Extraordinary

question 25

Multiple Choice

Which of the following is never classified as an extraordinary item?

• A) Losses from a major casualty.
• B) Losses from an expropriation of assets.
• C) Gain on a sale of the only security investment a company has ever owned.
• D) Losses from exchange or translation of foreign currencies.

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Definitions:

Independent Agency

An independent agency is a governmental body designed to operate independently of political influence, often responsible for regulating certain aspects of the economy or society.

Safety Risks

Safety risks refer to potential sources of danger or harm that could result in injury or health hazards in various environments, including workplaces, homes, and public spaces.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a market balance.

Asymmetric Information

Asymmetric information occurs when one party in a transaction has more or better information than the other, potentially leading to an imbalance in the transaction.