An Extraordinary Item Is

question 107

Multiple Choice

An extraordinary item is:

• A) both infrequent and unusual for the company.
• B) unusual for the company.
• C) Infrequent for the company.
• D) material with respect to the business and infrequent.

---

Definitions:

Consideration

Something of value exchanged between parties in a contract, making the agreement binding and legally enforceable.

Authorized

Having official permission or approval.

Principal

The amount of money originally invested or loaned, upon which interest is calculated, or in agency relationships, the person who empowers an agent to act on their behalf.

Gratuitous Agent

An agent who acts on behalf of another without receiving any compensation for their services.