Which Is Not True About Special Items and Extraordinary Items

question 5

Multiple Choice

Which is not true about special items and extraordinary items?

• A)Special items arise from events within the control of management.
• B)Both are reported separately in the financial statements.
• C)Both are unusual and infrequent in nature.
• D)Both may be reported in a governmental or propriety fund financial statement.

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Definitions:

Japanese Goods

Products that are manufactured or produced in Japan, often associated with high quality, innovation, and technology.

GDP

Gross Domestic Product, the total value of all goods and services produced within a country's borders in a specific time period, used as a broad measure of economic performance.

Absolute Advantage

The ability of a party to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.

Comparative Advantage

The capability of an entity to generate a product or service with a smaller opportunity cost compared to another entity.