Which One of the Following Would Be Classified as an Extraordinary

question 155

Multiple Choice

Which one of the following would be classified as an extraordinary item?

• A)Expropriation of property by a foreign government
• B)Losses attributed to a labor strike
• C)Write-down of inventories
• D)Gains or losses from sales of equipment

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Definitions:

Income Tax Service

A service that involves the preparation and filing of income tax returns for individuals or entities, typically provided by accountants or professional tax preparers.

Management Consulting

The practice of helping organizations to improve their performance, primarily through the analysis of existing business problems and development of plans for improvement.

Warranty of Authority

An assurance given by an agent that they have the actual authority to act on behalf of the principal, protecting the third party in contractual agreements.

Sole Proprietorships

A business structure where a single individual owns and operates the business, taking full responsibility for its debts and obligations.