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The Two Criteria Necessary for an Item to Be Classified

question 211

Short Answer

The two criteria necessary for an item to be classified as an extraordinary item are that the transaction or event must be (1) __________________ and (2) ___________________.


Definitions:

Resource Costs

The expenses associated with acquiring the materials and labor needed to produce goods or services.

Goal Accomplishment

The achievement or completion of objectives or targets set by an individual, group, or organization.

Top Level Managers

Senior executives responsible for the overall direction and success of an organization, making strategic decisions that affect the entire company.

Organizational Performance

The analysis of a company's efficiency, effectiveness, and capability to achieve its goals and objectives.

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