The Order of Presentation of Nontypical Items That May Appear

question 165

Multiple Choice

The order of presentation of nontypical items that may appear on the income statement is

• A)Extraordinary items, Discontinued operations, Other revenues and expenses.
• B)Discontinued operations, Extraordinary items, Other revenues and expenses.
• C)Other revenues and expenses, Discontinued operations, Extraordinary items.
• D)Other revenues and expenses, Extraordinary items, Discontinued operations.

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Definitions:

Forward Trade

A financial contract agreement to buy or sell an asset at a future date at a predetermined price.

Currency Exchange

The process of converting one currency into another currency.

Spot Exchange Rate

The current price at which one currency can be exchanged for another for immediate delivery.

Spot Trade

A transaction that involves the immediate exchange of one currency or commodity for another, settling immediately or within a short period.