If an Item Meets One (But Not Both) of the Criteria

question 169

Multiple Choice

If an item meets one (but not both) of the criteria for an extraordinary item, it

• A)only needs to be disclosed in the footnotes of the financial statements.
• B)may be treated as sales revenue (if it is a gain) and as an operating expense (if it is a loss).
• C)is reported as an "other revenue or gain" or "other expense and loss," net of tax.
• D)is reported at its gross amount as an "other revenue or gain" or "other expense or loss."