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.

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Definitions:

Mutations

Changes in the DNA sequence of a cell's genome, which can affect the cell's function and can be inherited.

Epigenetic Marks

Chemical modifications to the DNA or histone proteins that affect gene activity without altering the DNA sequence, influencing gene expression.

Refractory Period

The period immediately following a stimulus or action during which a nerve or muscle is unresponsive to further stimulation.

Neuron

A specialized cell transmitting nerve impulses; a nerve cell, the fundamental unit of the nervous system encoding and transferring information.