Which of the Following Statements Is True Regarding Extraordinary Items

question 28

Multiple Choice

Which of the following statements is true regarding extraordinary items on the income statement?

• A) U.S. GAAP prohibits the presentation of extraordinary items on the income statement.
• B) IFRS prohibits the presentation of extraordinary items on the income statement.
• C) U.S. GAAP allows extraordinary gains and losses on the balance sheet.
• D) IFRS allows the classification of gains and losses on the income statement as extraordinary as long as long as they are both unusual in nature and infrequent in occurrence.

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Definitions:

Percent on Public Assistance

Percent on Public Assistance refers to the proportion of individuals or households within a population that rely on governmental financial aid programs for their subsistence.

Homicide Rate

A measure indicating the number of homicides in a given area or population over a specified period of time.

Data

Information and figures compiled for analyzing or referring.

Y-intercept

The point where a line crosses the y-axis of a graph, reflecting the value of the dependent variable when the independent variable is zero.