A Business Incurs a Loss from a Hurricane

question 103

Multiple Choice

A business incurs a loss from a hurricane. It is the first time the business has had a loss from such an event. This loss would probably be classified on an income statement as an:

• A)extraordinary item.
• B)other expense item.
• C)operating expense.
• D)adjustment to the beginning balance of retained earnings.

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Definitions:

Behavior Modification

A psychological strategy for altering undesirable behaviors through reinforcement, punishment, and other interventions.

Occasional Praise

The act of expressing approval or admiration infrequently or at irregular intervals, often used as a motivational tool in personal and professional contexts.

Mentor Relationships

The dynamic between a more experienced individual (mentor) and a less experienced individual (mentee), geared towards the latter's personal and professional development.

Time Frame

A period during which certain actions, projects, or effects are expected to take place or be completed.