Which of the Following Would Be Classified as an Extraordinary

question 15

Multiple Choice

Which of the following would be classified as an extraordinary item on the income statement?

• A) loss on disposal of a segment of business
• B) cumulative effect of a change in accounting principle
• C) a sale of land
• D) an error correction that relates to a prior year
• E) a loss from a flood in a location that would not be expected to flood

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Definitions:

Religion

A system of beliefs, practices, and moral values centered around worshipping one or more deities and often includes rituals, scriptures, and a community of believers.

Psychological Capacities

The mental abilities and processes related to understanding, adapting to, and managing environments, including memory, perception, problem-solving, and emotional regulation.

Managed

The process of planning, organizing, leading, and controlling resources to achieve specific goals.

CSR Practices

Corporate Social Responsibility activities and policies that a company implements to have a positive impact on society.