Gains or Losses from the Early Extinguishment of Debt, If

question 72

Multiple Choice

Gains or losses from the early extinguishment of debt, if material, should be:

• A)recognized as an extraordinary item in the period of extinguishment.
• B)amortized over the remaining original life of the extinguished issue.
• C)amortized over the life of the new issue.
• D)recognized in income as ordinary gains and losses or as unusual items.

---

Definitions:

Positivist Perspective

A viewpoint in sociology that relies on positive facts and empirical evidence to understand and interpret social behaviors.

Deviance

Deviance refers to behaviors or actions that violate social norms or values in a given society.

Determined Behavior

Behavior that is seen as controlled or dictated by internal or external factors, leaving little to no choice for the individual.

Observable Object

An object or phenomenon that can be perceived or noticed through the senses or scientific instruments.