All Revenue and Expense Items Are Considered Ordinary in Nature

question 179

Multiple Choice

All revenue and expense items are considered ordinary in nature under

• A) both IFRS and GAAP.
• B) GAAP.
• C) IFRS.
• D) neither IFRS or GAAP.

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Definitions:

Land for Cash

Land for cash refers to the transaction in which real property is sold for cash payment without any financing involved.

Statement of Cash Flows

A financial report that provides aggregate data regarding all cash inflows a company receives from its ongoing operations and external investment sources, as well as all cash outflows over a given period.

Financing Section

This term refers to the part of a financial report or business plan that outlines how a company funds its operations, including debt, equity, and other financing sources.

Treasury Stock

Shares that were once a part of the outstanding shares and have been bought back by the company.