Each of the Following Is an Extraordinary Item Except the

question 145

Multiple Choice

Each of the following is an extraordinary item except the

• A)effects of major casualties, if rare in the area.
• B)effects of a newly enacted law or regulation.
• C)expropriation of property by a foreign government.
• D)losses attributable to labor strikes.

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Definitions:

Surplus

A situation in which the quantity of goods or services supplied exceeds the quantity demanded at the current price.

Tax Revenue

The money that is amassed by governments as a result of taxation.

State Income Tax

A tax imposed by a state on the income of its residents and on income earned within the state by nonresidents.

Sales Taxes

Taxes imposed on sales of goods and services, typically calculated as a percentage of the selling price.