Which of the Following Statements Is True Regarding Extraordinary Items

question 14

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.

Understand the basics of how humans perceive colors and the different types of color blindness.

Recognize the physical stimuli and processes involved in hearing.

Identify the anatomy of the ear and its role in hearing.

Understand how light's physical properties affect visual perception.

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Definitions:

Liquid Assets

Assets that can be quickly converted into cash without significant loss of value, facilitating financial flexibility.

Plant and Equipment

Tangible long-term assets owned by a business, used in the production or supply of goods and services.

Goodwill

An intangible asset that arises when a business is acquired for more than its fair market value, reflecting factors like reputation, brand, and customer loyalty.

Net Working Capital

The difference between a company's current assets and its current liabilities, indicating the liquidity and operational efficiency of the business.