Which of the Following Items Should Be Classified as an Extraordinary

question 169

Multiple Choice

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

• A) gain on the retirement of a bond payable
• B) loss from hurricane damage in Iowa
• C) loss due to a discontinued operation in Colorado
• D) selling treasury stock for more than the company paid for it

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Definitions:

Determinism

The philosophical belief that all events, including human actions, are ultimately determined by causes external to the will.

Human Nature

Core traits, involving cognitive, affective, and action-oriented aspects, viewed as shared by all people.

Self-actualizers

Individuals who have realized and fulfilled their potential to the fullest extent, according to Maslow's hierarchy of needs.

Childhood Dreams

Refers to the dreams experienced during one's childhood, which can reflect the subconscious mind's workings and early emotional states.