Which of the Following Qualifies as an Extraordinary Item

question 65

Multiple Choice

Which of the following qualifies as an extraordinary item?

• A)losses due to employee labor strikes
• B)losses due to hurricanes in Florida
• C)taking of company assets by an foreign government
• D)gain on sale of plant assets

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Definitions:

Salaries

Periodic payments made to employees, usually on a monthly or biweekly basis, in return for labor services performed.

Real GDP

The measure of a country's economic output adjusted for price changes, such as inflation or deflation, providing a more accurate reflection of the economy's size and how it's growing over time.

Nominal GDP

The market value of all final goods and services produced within a country in a year, measured in current prices without adjusting for inflation.

Economy Growth

An increase in the production of goods and services in an economy over a period of time, often measured by the growth of the Gross Domestic Product (GDP).