Which of the Following Would Appear as an Extraordinary Item

question 139

Multiple Choice

Which of the following would appear as an extraordinary item on the income statement?

• A) loss resulting from the sale of fixed assets
• B) gain resulting from the disposal of a segment of the business
• C) loss from land condemned for public use
• D) liquidating dividend

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Definitions:

Sublimation

A psychological process where socially unacceptable impulses or idealizations are consciously transformed into socially acceptable actions or behavior, possibly resulting in a long-term conversion of the initial impulse.

General Adaptation Syndrome

A theory proposed by Hans Selye that explains the body's response to stress in three stages: alarm, resistance, and exhaustion.

Exhaustion

A state of extreme physical or mental fatigue, often resulting from stress, overwork, or illness.

Maintenance

The process of preserving a condition or situation or the state of being preserved.