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Which of the following is not a characteristic of an extraordinary item?
Current Assets
Assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of a business.
Gross Profit
The revenue remaining after deducting the cost of goods sold from total sales revenue, indicating the efficiency of a company in managing its production and labor costs.
Net Income
The total profit of a company after all expenses and taxes have been deducted from revenues, indicating the company's overall profitability during a specific period.
Net Sales
Net sales are the total revenue from goods and services sold by a company, after deducting returns, allowances for damaged or missing goods, and discounts.
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