Extraordinary Items Are Reported on the Income Statement Immediately

question 179

Multiple Choice

Extraordinary items are reported on the income statement immediately

• A) below income from continuing operations.
• B) after comprehensive income.
• C) below income before taxes.
• D) after discontinued operations.

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Definitions:

Ledger Accounts

Records that reflect the financial transactions of a company, organized within a book or a computerized accounting system.

Bank Loan Payable

Bank loan payable is a liability account that reflects the amount of money borrowed from a bank by a company or individual that is yet to be repaid.

Machinery

Consists of the machines and equipment designed to perform specific tasks in industrial, commercial, or agricultural applications.