Which of the Following Is Considered an Unusual Item Affecting

question 138

Multiple Choice

Which of the following is considered an unusual item affecting the prior period's income statement?

• A) a change in accounting principles
• B) fixed asset impairments
• C) sale of company stores in Florida
• D) discontinued operations

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Definitions:

Employment Relationship

The legal and practical relationship between employer and employee, characterized by the exchange of labor for compensation, and governed by contract and labor laws.

Ethical Lapses

Instances of poor judgment or failure to act appropriately, leading to actions or decisions that violate ethical standards.

Adverse Selection

A situation in economics where the seller possesses more information about the product or service than the buyer, leading to imbalanced and unfavorable transactions.

Affected Individuals

Persons who directly experience the impact or consequences of a specific event or condition, particularly in contexts of disaster, policy, or health.