The Types of Nonrecurring Items That Must Be Separately Stated

question 105

Multiple Choice

The types of nonrecurring items that must be separately stated on an income statement include:

• A)gains or losses on equipment sales.
• B)gains or losses on discontinued operations.
• C)changes in expenses associated with a tax change.
• D)all of the answers are acceptable.

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Definitions:

Sperry-New Holland

A brand known for its agricultural machinery and equipment, historically significant in the mechanization of agriculture.

Unreasonably Dangerous

Describes a product or condition that poses a risk of harm beyond what would be expected by the ordinary consumer.

Breach Of Warranty

The violation of a promise or guarantee made about the quality or condition of a product or service, which can give rise to legal action for damages.

Theory Of Liability

The legal concept or basis upon which a party can be held accountable for a wrong or damage in a lawsuit.